Logistics firm Sendy has received Sh207.6 million ($2 million) in equity investment from Dutch impact fund DOB Equity and CFAO Group, a multinational firm that is a fully owned subsidiary of Toyota Tsusho Corporation.
Sendy’s chief executive Alloys Meshack told the Business Daily that the fundraising closed in October and that the money would be used to scale up company operations. “The new funding is purely growth capital to acquire more customers and expand to other major towns in Kenya,” he said.
Sendy has about 50,000 customers and serves over 4,000 businesses in Thika, Mombasa, Kisumu and Nairobi. The company is expected to move to new towns in the next few months.
Mr Meshack declined to reveal the stake the two new investors are taking up in the business or how much they are putting in individually.
The on-demand logistics firm allows customers to order courier services over their mobile phones.