Africa’s digital technology platform for logistics, Kobo360, has today announced the completion of a $20M Series A equity round led by Goldman Sachs.
The fund was raised with participation from Asia Africa Investment and Consulting Pte. and existing investors including TLcom Capital, Y Combinator, the International Finance Corporation.
A further $10M in local currency working capital financing has been secured from Nigerian commercial banks.
With the funding, the team will continue to scale the organization, develop the technology offering and accelerate supply growth – planning to add 25,000 drivers to the platform in the coming months to power the recent Africa Free Trade Continental Agreement, expected to catalyze intra-African trade.
Kobo360 is also planning to significantly broaden its reach in Africa, entering 10 new countries by the end of 2020 beyond its footprint in Nigeria, Togo, Ghana and Kenya.
Located in key strategic trade hubs in Western and Eastern Africa, the e-logistics company will continue its expansion with the ambition to build a Global Logistics Operating System [G-LOS] powering trade and commerce across Africa and emerging markets.
Kobo360 was launched in 2017 as a tech-enabled full truckload and offers an efficient supply chain for end-to-end long-haul freight operations, connecting and supporting cargo owners, truck owners & drivers, and cargo recipients.
The company has moved over 500Mkg of goods, aggregated a fleet of over 10,000 drivers and trucks, and services SMEs and over 80 large enterprises such as Dangote Group, DHL, Unilever, Olam, African Industries, Flour Mills of Nigeria, and Lafarge.