Tiger Global Leads Sokowatch’s Fund Raising at $625 Million Valuation
- Tiger Global, Avenir invest in Kenyan e-commerce startup
- Sokowatch is expanding platform to Senegal, Ivory Coast
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U.S. private equity firms Tiger Global and Avenir Growth Capital led a funding round for Kenyan e-commerce platform Sokowatch at a $625 million valuation, which the firm will use to expand into new markets.
Sokowatch, which serves more than 50,000 merchants, plans to use the $125 million it raised to help fund an ongoing expanson in the cities of Abidjan in Ivory Coast and Senegal’s Dakar in Francophone West Africa, according to founder Daniel Yu. The company is also seeking to expand into Nigeria and South Africa -- potentially through acquisitions.