And Africa Co., Ltd. has raised seed capital through a third-party allocation of new shares from private investors and subsidies. With this financing, we strengthen our product development and operation in South Africa to accelerate our business growth.
In South Africa and other African countries, the cost of last mile delivery is extremely high due to inefficient delivery functioning and performance, and at the same time, the occurrence of redelivery is considered a recurring problem. In order to contribute to solving these issues we are providing ECD (Easy Collect & Drop), a delivery service using smart lockers, in South Africa. Through the smart lockers, users can send, receive, and store parcels, as well as receive and return items purchased through our partner e-commerce sites.
The lockers are currently installed two large shopping malls in the center of Johannesburg, and will be expanded to other locations such as gated estates and petrol stations, as well as accelerating collaboration with local e-commerce companies. Furthermore, through the introduction of the locker franchise model, we will continue to create gig work opportunities in the local market and contribute to the reduction of greenhouse gases by improving delivery efficiency and preventing redelivery.
Based on the belief that new industries can be created in Africa by utilizing hardware technology from Japan and other Asian countries, we have been promoting collaboration between Africa and Japan through technology and investment. However, in the process, we have faced many difficulties in taking the first step and creating a successful example. In Africa, where e-commerce growth faces many challenges in terms of last-mile logistics, we have launched ECD to take the lead in taking full advantage of the hardware-technological superiority of Smart Locker that we can see in many Asian countries.
ECD minimizes the risk of Covid-19 by minimizing human intervention when sending and receiving parcels. It also creates a lot of gig work through the provision of on-demand delivery opportunities and a locker franchise model. Additionally, by eliminating redelivery, it helps reduce traffic congestion and greenhouse gas emissions. Finally, by using ECD, consumers do not have to wait for their parcels at home and can enjoy the most affordable delivery services.
We will continue our efforts to contribute to the transformation of last-mile logistics in Africa.
Thank you very much for your continued support.