Sokowatch rebrands and raises $125mln for its Series B

Image Credit: Wasoko

Two years after raising $14 million for its Series A round, Sokowatch has announced a rebrand and the close of a very significant Series B round, raising capital from a group of new and existing investors. The eCommerce startup’s name is now Wasoko and its $125 million Series B round is the largest round raised to date by any non-fintech startup in Africa. By our calculation, this latest round lifts the amount of capital raised by the firm the $141 million since its launch. The round values Wasoko at $625 million.

In all, 8 investors are backing the round which was led by Tiger Global and Avenir Growth Capital. Of the remaining investors, VNV Global, Flipkart co-founder Binney Bansal, and Sujeet Kumar, a co-founder of Udaan, are backing Wasoko for the first time. Quona Capital, which led Wasoko’s Series A, 4DX Ventures, and JAM Fund are all returning investors in the business. As part of the deal, Sujeet Kumar is joining Wasoko’s board of directors where his experience and expertise in founding and scaling Udaan, the world’s largest B2B retail eCommerce business will help accelerate Wasoko’s growth.

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