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.
To read this article, you must be a paid subscription member. (Current members login here
Reserve your digital subscription today
Join now for $35 per month
Join now for $395 per year
for access to:
- Weekly newsletter with original and curated news, analysis and perspective
- Africa’s private capital deals, fund raises and the investment firms and executives involved
- Portfolio company news that impacts value and stakeholder participation
- Job moves and partnerships between leading market participants
- Exclusive access to Africa Capital Digest’s full content archive
If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.