Sote, Kenyan logistics startup completes $4m seed round for expansion into fintech

Sote, a Kenyan supply chain company, has raised a US$4 million seed extension round in order to expand its offering into the fintech space.

Sote, which was founded in 2018, will launch its licensed tech-enabled customs clearance and forwarding service in 2020. The platform offers a real-time dashboard that provides manufacturers, retailers, and distributors with visibility into shipment status, saving time and money.

In the last year, the startup increased its customer base by 370 percent while also increasing revenue by 200 percent. Sote, which recently received Authorised Economic Operator (AEO) certification, now intends to target larger customers and exceed growth targets in 2022.

“It’s always been about the people for Sote.” A group of individuals who are driven by a desire to shape Africa’s future. “We’re excited to bring Samora and John under one roof with our logistics and engineering teams to create uniquely compelling solutions for our customers and the value chain beyond them,” said Felix Orwa, Sote’s founder and CEO.

“If the supply chain is made up of the flows of product, information, and cash, Sote already controls the first two.” We will have control and positive influence over all three with the launch of our fintech solution. This has a powerful flywheel effect on our customers, as they discover more holistic and convenient bundled services between logistics and capital solutions.”