The investment was first reported by US tech publication TechCrunch yesterday (26 July). Four other venture capital firms: Lynett Capital, Golden Palm Investments, Outlierz Ventures and Village Global were reportedly involved in the round.
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We are pleased to announce our investment in @Sokowatch. Through #Sokowatch, we establish a platform for multinational companies to partner with informal retailers and satisfy the demands of the African consumer. We wish the #Sokowatch team success. https://t.co/ncYn8OWlRc
— Golden Palm VC (@GoldenPalmVC) July 26, 2018
Sokowatch — which was founded in 2013 by CEO Daniel Yu and COO Josh Middleman — enables informal retailers in Nairobi and Dar es Salaam, Tanzania to place orders via SMS or its mobile app, with free same-day delivery to their shops.
In addition, the company also works with a number of multinational and local companies — including Procter & Gamble, Unilever, and METL Group — to increase access to their goods in low-income areas.
Last year in August, Sokowatch was among 20 startups selected to join the the first cohort of the World Bank’s XL Africa accelerator in Cape Town.
Then, in October last year tech site Disrupt Africa reported that the startup had received an undisclosed strategic investment from Nairobi-based Chandaria Industries’ investment vehicle Chandaria Capital.
Featured image: Sokowatch founders Daniel Yu (third from left) and Josh Midldleman (second from right) in a 2015 picture (Sokowatch via Facebook)