Kenyan e-commerce startup, Sokowatch evolves into Wasoko, secures $125 million in Series B funding
Sokowatch, a Kenyan e-commerce company that uses technology to improve the informal retail supply chain, has raised $125 million in Series B funding, rebranded as Wasoko, and expanded into West Africa.
Tiger Global, the world’s largest venture capital firm, and Avenir Growth Capital are leading the round, which also includes VNV Global, Flipkart co-founder Binny Bansal, and Udaan co-founder Sujeet Kumar. Existing investors include Quona Capital, 4DX Ventures, and JAM Fund.
Wasoko, as it is now known, has delivered 2.5 million orders to over 50,000 informal retailers in Kenya, Tanzania, Rwanda, Uganda, Ivory Coast, and Senegal in the last year, with revenue increasing by more than 500 percent.
Sokowatch, which was founded in 2016, provides free same-day delivery of essential supplies as well as financing to African informal retail establishments.
Retailers can place orders for products via SMS or mobile app at any time and have them delivered to their store via the platform’s proprietary logistics network.
“After more than six years of growing and iterating on our operations, we are pleased to have demonstrated the traction and quality of business required to secure capital from world-class investors.” “We’re completely focused on using their strategic assistance to establish one of the world’s largest e-commerce enterprises and change access to goods and services for African citizens across the continent,” said Wasoko’s global CEO and founder, Daniel Yu.
With the new funding, Wasoko will be able to expand its geographic reach and product offerings across the continent.
While maintaining its market-leading position in its current six countries, the company is considering expanding into Nigeria and Southern Africa.
