Nigeria’s Kobo360 raises fresh funding to scale logistics startup

kobo360

Africa-focused logistics startup, Kobo360 said it has completed a $30M fundraise that will enable it to reach out for a bigger spread across Africa.

In a blog post, Kobo360’s founder, Obi Ozor, said the raising is a $20M Series A equity round and $10M in local currency working capital financing secured by Nigerian commercial banks.

He said the latest raising will enable the logistics startup to meet up with its hugely ambitious goals

The latest raising was led by Goldman Sachs and Asia Africa Investment & Consulting. The round was joined by existing investors TLcom Capital, Y Combinator and the International Finance Corporation.

“Over the last two years, we have built a reputation for delighting our customers and improving the working lives and careers of thousands of drivers across the continent. This capital enables us to do more by building out our driver workforce, develop our technology offering, accelerate supply growth and scale quickly, to power the recently launched Africa Free Trade Continental Agreement [AfCFTA] that is expected to catalyse intra-African trade,” he said.