Sotira, a startup focused on helping brands offload and monetize their surplus inventory, has recently secured $2 million in pre-seed funding. This investment is a significant step in Sotira’s mission to tackle the issue of surplus inventory, which often ends up in landfills.
Highlights
The Problem of Surplus Inventory
In the U.S., 20% to 30% of inventory frequently goes to waste, ending up in landfills. This not only wastes resources but also ties up capital for businesses.
How Sotira Works
Sotira uses AI to connect brands with surplus inventory to verified buyers, such as discount grocery stores. Here’s how the process works:
- Sotira automates the matching of surplus products nearing expiration or facing storage issues with buyers.
- The platform facilitates transactions and logistics, making it easier for brands to clear their surplus inventory.
- Sotira charges a monthly fee and takes a percentage of each transaction.
Benefits of Sotira’s Platform
Sotira’s platform benefits both suppliers and buyers. Here are some key advantages:
- Speeds up the clearance of surplus inventory, reducing carrying costs and freeing up storage space.
- Provides affordable access to premium products for consumers, especially in rural and impoverished areas.
- Helps brands unlock cash tied up in surplus inventory.
Expansion Plans
With the new funding, Sotira plans to expand its operations nationally, focusing particularly on the Midwest and Southeast. The company is also set to venture into the apparel sector, responding to interest from brands needing to offload excess clothing and shoes.
Investors and Market Alignment
The funding round saw participation from investors like Unusual Ventures and Night Capital. Sotira’s mission aligns with recent California legislation aimed at reducing food and beverage waste, offering a market solution for surplus inventory.
Sotira, a startup focused on helping brands offload and monetize their surplus inventory, has recently secured $2 million in pre-seed funding. This investment is a significant step in Sotira’s mission to tackle the issue of surplus inventory.
