Kobo360 has raised $6 million to expand its platform operations to other African countries – Ghana, Togo and Cote D’Ivoire.
The platform which links truckers and companies with their cargo needs has secured the equity investment led by IFC investment with YCombinator, WTI, Cardinal Stone Partners, TLcom and Chandaria Capital as participants in the round.
The platform aims to go beyond trucking transit app with the new investment fund, founder Obi Ozor told TechCrunch.
“We started off as an app, but our goal is to build a global logistics operating system. We’re no longer an app, we’re a platform.”
The company is also building a platform that will offer supply chain management tools for customers and working on its API.
“Large enterprises are asking us for very specific features related to movement, tracking and sales of their goods. We either integrate other services, like SAP, into Kobo or we build those solutions into our platform directly.”
“We want clients to be able to use our Kobo dashboard for everything; moving goods, tracking, sales and accounting…and tackling their challenges,” says Ozor.
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He continues; “We’ll open 100 hubs before the end of 2019 to be able to help operations collect proof of delivery, to monitor trucks on the roads and have closer access to truck owners for vehicle inspection and training.”
By 2019, Kobo360 will complete its expansion into new African markets – Ghana, Togo and Cote D’Ivoire. “The expansion will be with existing customers, one in the port operations business, one in FMCG and another in agriculture,” as per Ozor.
IFC’s Regional Head for Africa, Wale Ayeni and TLcom’s Senior Partner Omobola Johnson will now join Kobo360’s board as part of the investment deal.
The company’s major clients include Olam, Honeywell, Unilever, Dangote and DHL. Since its existence, it has served 900 businesses via a fleet of 8,000 drivers and moved 155 million kilograms according to available statistics.
The logistics sector in Africa is witnessing some form of evolution, with entrepreneurs leveraging on technology to transform the sector. Apart from the influx of ride-hailing Apps like Uber and Taxify, some homegrown technology solutions are also in the game. In Nigeria, Max.ng and Gokada are changing how people get access to motorcycles with the use of mobile app, same with Boda-Boda and Lori Systems in Eastern Africa. Optimalogistic (Tunisia), Broswest Logistics (Uganda), SA-based company Fastvan are other frontliners in the logistics startup sector.
