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Sumet Technologies, a Tanzanian fast-moving consumer goods (FMCG) distribution startup, has successfully raised $1.5 million in pre-seed funding. This investment aims to enhance the company’s technological infrastructure, expand its market presence, and optimize supply chains across Africa.
Founded in 2022, Sumet leverages a technology-driven platform to connect FMCG brands with a network of over 6,500 active retailers across all 26 provinces of mainland Tanzania. By addressing the logistical challenges and high costs associated with reaching Africa’s fragmented and informal retail sector, Sumet facilitates efficient market penetration for new brands.
The funding round attracted a strategic mix of angel investors, including the African Business Angel Network (ABAN), Catalytic Africa, and an angel syndicate from Egypt. This capital injection comes at a time of significant growth for Sumet, which reports a fifteen-fold increase since the second quarter of 2023 and has tripled its workforce to over 70 employees.
Hazem Afify, CEO of Sumet, emphasized the company’s mission:
“At Sumet, we’re tackling one of Africa’s biggest challenges – enabling new brands to enter and grow in the market.”
Fadilah Tchoumba, CEO of ABAN, highlighted Sumet’s impact:
“Sumet Technologies is revolutionizing consumer goods distribution by enabling market penetration for new brands and optimizing supply chains across Africa.”
With this funding, Sumet is poised to solidify its position in the FMCG sector, accelerate its growth trajectory, and make a lasting impact on the distribution landscape in Africa.
Read more on Tech Gist Africa:
Ramani, a retail-tech startup in Tanzania, receives $32 million in Series A funding.
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