Kenyan on-demand trucking logistics startup Lori Systems has raised an undisclosed Series A funding round as it looks to accelerate its growth.
Founded by chief executive officer (CEO) Josh Sandler in 2016, Lori Systems provides supply chain management solutions to cargo owners, ensuring flexibility, reliability and cost savings.
The startup opened operations in Uganda, Rwanda and South Sudan in 2018, and last month expanded to Nigeria. Further expansion is now expected after it bagged a Series A funding round.
Led by Hillhouse Capital and Crystal Stream Capital, with participation from DST, EchoVC, Timon Capital, Raba, Ryan Peterson, Iyinoluwa Aboyeji, and Endeavor, among others, the value of the round is undisclosed but has proven controversial.
A press release issued in Mandarin by a Lori investor was, according to the company unofficially translated and as a result “mischaracterised”, putting the raised figure at US$30 million. Other estimates vary between US$20 million and US$30 million.
“We are so excited to partner with these incredibly supportive investors, who are joining us on our drive of accelerated growth – all with the intention of revolutionising logistics across Africa to bring down the costs of goods. We are thankful for their tremendous contributions and look forward to the road ahead,” Lori said in a statement.