Nigeria’s transport tech startup Kobo360 has raised Sh3 billion for its planned expansion across East Africa from its Nairobi hub.
The Sh2 billion raised under the Series A equity round and facilitated by global investment banking, securities and investment management firm Goldman Sachs, roped in India’s Asia Africa Investment and Consulting Pte as well as existing investors TLcom Capital, Y Combinator and International Finance Corporation.
The firm also sourced an additional Sh1 billion working capital from Nigerian commercial banks.
The firm’s Kenya-based Africa region chief executive Kagure Wamunyu said this gives them impetus for expansion of its satellite-based services, enabling cargo owners, transporters as well as truck drivers plan movement from Mombasa via the Northern corridor.
“Inefficiencies in the logistics and supply chain industry are a serious disconnect between moving goods from one location to another on time, with full visibility on trip status and product security. Part of the solution to this problem is thinking about it holistically and incorporating technology and big data analytics,” she said.