Nigerian logistics startup Kobo360 has secured a US$6 million funding round to support further growth from a host of investors.
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.
The startup, which raised US$1.2 million in pre-seed funding ahead of taking part in the Y Combinator accelerator earlier this year, has now secured US$6 million in an investment round led by IFC and also involving YCombinator, WTI, Cardinal Stone Partners, Chandaria Capital, and TLcom.
“We are excited to have our new investors to support us in redesigning transportation and logistics in Africa, and across emerging markets, by building a Global Logistics Operating System (G-LOS) to power new frontiers in trade and commerce,” said Obi Ozor, founder and chief executive officer (CEO) of Kobo360.
“Our motivation remains to aggressively reduce logistics frictions for large enterprises and SMEs, and connect new markets, and in the process unlock better wellbeing and opportunities across communities.”
Kobo360 currently has 5,000 trucks empaneled on its platform, from over 600 small fleet owners, serving some of the largest enterprises in Nigeria.
“IFC is committed to supporting the digital economy and young entrepreneurs in Nigeria and across Africa. IFC’s investment in Kobo demonstrates how disruptive technologies can enhance the development of key sectors and contribute to Nigeria’s economic diversification. This is an innovative startup that is making company operations more efficient and lowering transport costs,” said Philippe Le Houérou, CEO of IFC.