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Kenyan supply chain-focused Sote has raised a USD 4 Mn seed extension round to expand its offering into the fintech space. The round was led by Social Capital, Chamath Palihapitiya’s fund, with the firm’s growth partner Ray Ko joining Sote’s board. It also included a small group of investors including Justin Saslow, Harry Hurst of Pipe, MaC Venture Capital, and K50 Ventures.
Sote launched its licensed tech-enabled customs clearing and forwarding service in 2020. The platform provides a real-time dashboard that allows manufacturers, retailers, and distributors visibility on the shipment status, saving time and money. Sote now plans advancements into the fintech space, aiming to add to its end-to-end logistics freight forwarding service a full-service working capital loan solution for Africa’s end-to-end supply chain.