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Sote, An African Supply Chain Company, Raises $4M In A Seed Extension Round

Sote, an African supply chain-focused company, has announced its recent round of funding. In a press release announcement provided to AfroTech, it was revealed that the company — which launched the “continent’s first licensed tech-enabled customs clearing and forwarding service“ — raised an additional $4 million in its seed funding extension round. The funding, which was led by Social Capital , Chamath Palihapitiya’s fund, brought Sote’s total fundraising efforts to $8 million. In addition to the African supply chain-focused company completing the funding round, it also placed Ray Ko, the growth partner, on its board. Other participating financiers include Harry Hurst, Founder/CEO at Pipe; MaC Venture Capital “doubling down,” per the press release; and K50 ventures. “Sote has always been about the people. A group of passionate individuals driven to build the future of Africa. We’re excited about bringing Samora and John under one roof with our Logistics and Engineering teams to...

McDonald's Commits Roughly $3.5B To Boost Spending At Minority-Owned Suppliers

McDonald’s is setting new diversity goals with its largest suppliers. According to a report from Bloomberg, the world’s biggest restaurant chain by sales is making a pledge to diversify its supply chain by committing roughly 25 percent — or $3.5 billion — of the company’s annual domestic supply-chain spending to minority and women-owned suppliers by the year 2025. “Throughout my career, I have historically seen supplier diversity viewed as a social program grounded in doing ‘the right thing,'” Reggie Miller — Chief Diversity, Inclusion, & Equity Officer at McDonald’s — said in a statement. “Today, however, consumers have greater access to information about the brands they purchase from. They want to support brands they can trust.” “When we refreshed our global DEI strategy last year, we knew supplier diversity needed to be a central principle,” he continued. “We knew this was key to ensuring we generate innovative products and services, increase competition, and build economic...

Jul 23, 2021