This archive report was first published on 14 August 2019.
On August 14, 2019, Kobo360, a digital technology platform that aims to disrupt African third-party logistics, announced the completion of a $20M Series A equity round led by Goldman Sachs, with participation from Asia Africa Investment and Consulting Pte, and existing investors including TLcom Capital, Y Combinator, and the International Finance Corporation.
Additionally, the company secured an additional $10M in local currency working capital financing from Nigerian commercial banks.
Launched in 2017 by Nigerian entrepreneurs Obi Ozor and Ife Oyedele II, Kobo360's tech-enabled full truckload offering enables the development of 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.
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.
With the funding, Kobo360 plans 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.
The company 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.
Obi Ozor, Co-founder and CEO of Kobo360, said, “Our Series A allows us to invest in growing our talented team that is working hard on the ground to systematically address the inefficiencies within the African logistics sector, and strengthen our already extensive network of clients and truck owners across the continent.
Senior Partner of TLcom Capital, Omobola Johnson, said, “We see this Series A round as a means to support an ambitious, laser-focused company who are using technology to actively solve problems for enterprises across the continent, and we look forward to working with them as they continue to scale and transform the African logistics sector.”
Kobo360 is also developing a suite of driver-focused products to support the over 10,000 drivers on the Kobo360 platform, including KoPAY, KoboSAFE, and KoboCARE.
