This archive report was first published on 14 August 2019.
On August 14, 2019, Kobo360, a digital third-party logistics provider, announced the completion of a $20 million Series A equity round led by Goldman Sachs. Asia Africa Investment and Consulting Pte. and existing investors including TLcom Capital, Y Combinator, the International Finance Corporation, also participated in the deal.
Additionally, the company secured $10 million in local currency working capital financing from Nigerian commercial banks.
Founded 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.
The company has moved over 500 million kilograms of goods, aggregated a fleet of over 10,000 drivers and trucks, and services SMEs and more than 80 large enterprises.
Located in key strategic trade hubs in Western and Eastern Africa, Kobo360 plans to 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, the team will continue to scale the organization, develop the technology offering, and accelerate supply growth. The company plans to add 25,000 drivers to the platform in the coming months to power the recent Africa Free Trade Continental Agreement.
Kobo360 is also looking to broaden its reach in Africa, entering 10 new countries by the end of 2020 beyond its footprint in Nigeria, Togo, Ghana, and Kenya.
