Kapu Announces $8M Seed Financing
Gunderson Dettmer represented client Kapu, a social commerce company, in the announcement of its $8 million seed financing co-led by Giant Ventures and Firstminute Capital. Kapu aims to revolutionize the way consumers shop for food in Kenya, where sky-rocketing prices have become a major concern, the platform allows customers to buy products in the quantity they can afford, including quality fresh produce at wholesale prices. The new capital will be used to expand its network of local agents and increase its online channels.
In the announcement of the transaction, Founder & CEO of Kapu Sam Chappatte said, “People spending like 40 to 50% of their household income on the grocery basket is a big problem for society, but it is also a huge opportunity … The reason we started Kapu is that we think that there is a more relevant model of e-commerce that can be built to target the grocery basket, which is the biggest portion of spend for the vast majority of consumers. And if by using technology we can bring efficiency then we can have a tremendous impact on society for consumers and businesses.”
The Gunderson Dettmer deal team was led by Randall Clark and included Donovan Westbrook, Emily Cabrera, Atul Jain, Aaron Rubin, Alice Kuo, Eugene Kim and Bernard Stanford.