Kenya: Startup Soko Raises $700,000 from VC and Angel Investors



The Kenyan startup Soko just raised $700,000 (350 million FCFA) as early stage financing from the firm Rio Partners, located in Dubai, as well other investors. “We are pleased to announce the financing partnership with Rio Partners, who discovered Soko through our participation in DEMO Africa 2012,” said one of the platform’s founders. Soko, which means “market” in Swahili, is a web and mobile platform for online fashion retail designed by African creators, aiming at women. The startup was among the 40 selected during the DEMO Africa conference held in Nairobi in 2012, under the name SasaAfrica.

Following the news, the platform’s founders have thanked all those who have believed in them. “During the first 1.5 years of operations there was so much to do, so little time, and not enough money!!! Our major win, and what helped us achieve ambitious goals and milestones was being open to feedback, support, and help from a large network of expert communities,” have stated the founders.

The team is made up Ella Peinovich, Gwendolyn Floyd  and Catherine Mahugu hopes to use the money to launch a huge marketing campaign and reach their impact zone.

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