Sotira's platform not only benefits suppliers and buyers by speeding up the clearance of surplus inventory but also provides affordable access to premium products for consumers, especially in rural and impoverished areas. The company plans to expand into the apparel sector, responding to interest from brands needing to offload excess clothing and shoes. Sotira's funding round saw participation from investors like Unusual Ventures and Night Capital. The startup's mission aligns with recent California legislation aimed at reducing food and beverage waste, offering a market solution for surplus inventory.
Key takeaways:
- Sotira is a startup that uses AI to help companies monetize surplus inventory, preventing it from ending up in landfills.
- The company recently closed a $2 million pre-seed funding round to expand its operations nationally, focusing on the Midwest and Southeast.
- Sotira automates the process of matching surplus inventory with buyers, facilitating transactions and logistics, and charges a monthly fee and a percentage of revenue from each transaction.
- The startup plans to expand beyond food, beverage, health, and cosmetics into the apparel space, driven by interest from brands needing to move excess clothing and shoes.