Nigerian logistics startup Kobo360 has raised US$1.2 million in pre-seed funding as it prepares to take part in the Silicon Valley-based Y Combinator accelerator programme.
Launched in July 2016, Kobo360 enables individuals and businesses to request or schedule pickup of packages and track the driver until its final destination. It claims to be democratising transportation in the way it aggregates supply or logistics agents.
It has now raised US$1.2 million in pre-seed funding in a round led by Western Technology Investment and also featuring Africa Future Limited, which co-founder Obi Ozor told Disrupt Africa would mostly provide working capital as Kobo360 hoped to raise more funds after completing the Y Combinator programme.
Having been accepted into the the programme, Kobo360 earns US$120,000 in funding in return for seven per cent equity.
“It’s a pre-seed round. Seed round is at Y Combinator demo day,” Ozor said.
“We are looking for talented people to join our team in the marketing roles, engineering, operations directors, and enterprise account managers.”
Meanwhile, Kobo360 is also set to launch its “Kobo Wealth Investment Network”, a crowdfunded vehicle financing platform aimed at helping drivers purchase new vehicles and pay back citizen investors, plus interest.