Nigerian logistics platform Kobo360 has closed their Series A investment round.
Kobo360 is the logistics startup providing own platform connecting cargo track drivers with companies demanding logistics service to deliver stuffs, almost like Uber like service which is cargo track version.
They describes itself as “the marketplace for shippers and transporters”. Its digital logistics platform aggregates end-to-end haulage operations to help cargo owners, truck owners and drivers, as well as cargo recipients to achieve an efficient supply-chain framework.
They offer values as follows, for cargo owners and cargo track drivers.
・Optimization of delivery route with the analysis of GPS and accumulated data in their data base
・Optimization of capacity of each cargo tracks
・Monitoring drivers’ performance
・Improving Drivers’ working conditions
Additionally, they offer financing service called “Kobo Win” for drivers to purchase own cargo track.
Their Series A is likely the second biggest investment for an African tech startup in 2019 so far, next to Egyptian transportation startup Swvl‘s $42-million round.
It’s concluded $20-million Series-A funding round.
And it’s led by US multinational investment bank and financial services company, Goldman Sachs.
In addition to the round, Kobo360 also said it has secured an additional $10-million in local currency working capital financing from three Nigerian commercial banks, namely FCMB, Polaris Bank and Fidelity Bank.
Kobo360’s platform aggregates a fleet of over 10,000 drivers and trucks, with operations in Nigeria, Ghana, Kenya and Togo.
The startup pointed out that it services small businesses and large enterprises that include Dangote Group, DHL, Unilever, Olam, African Industries, Flour Mills of Nigeria, and Lafarge.
By making use of Series A amount, they are planning to advance to Southern and Central Africa.
And they are expanding their service scope towards maintenance workshops in the delivery route.
Don’t take your eyes off from their further growth.