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AfricaSokoni, a Nairobi-based online marketplace, has raised $455 000 in seed funding from from an unnamed European angel investor.
Ugandan tech publication Digest Africa reported in an article yesterday (25 April) that the deal was concluded last month, with the capital injection being part of a follow-on investment from an already existing investor in the business.
AfricaSokoni was founded in 2017 by CEO Ebrima Fatty (pictured above) and director Fredrick Kirui.
Since inception, AfricaSokoni has raised a total of $995 000 in venture capital across three rounds
Including this round, the startup has raised a total of $995 000 in funding across three rounds since inception, with Digest Africa reporting in the same article that the the same unnamed angel investor invested in the startup’s first two rounds.
Fatty told Ventureburn on 20 May that the startup will use the funding to expand its product offerings and customer base.
“We are also building an important component of our business model which we could not build from the beginning because of funding and strategic issues.
“This will really make AfricaSokoni very different from any other online marketplace in Africa’s ecommerce ecosystem,” he said.
Fatty explained that the startup is currently trying to close its extended seed round. He hinted that AfricaSokoni plans to raise more funding in the future, depending on the outcomes of this current round.
“We will do a ‘Series-A’ round when we decide to expand, as you know AfricaSokoni is an African brand and we have our eyes on the entire continent,” he added.
Fatty said AfricaSokoni currently employs 32 full-time employees and that the marketplace has about 1500 registered sellers on its platform.
Earlier this year, Kenyan online publication Citizen Digital reported in an article that AfricaSokoni has plans to set up “touch and feel stores” where customers would be able to test products.
Editor’s note (21 May 2019): The article has been updated to include comments from AfricaSokoni CEO Ebrima Fatty on what the company intends to use the funding for, details on the number of people it employs, as well as how many sellers are registered on its platform.
Featured image: AfricaSokoni CEO Ebrima Fatty (Supplied)