Ugandan e-logistics startup Ridelink has raised US$150,000 in pre-seed funding to help it scale operations.
Launched in 2017, Ridelink is an e-logistics platform that connects SMEs to a network of transport operators at the click of a button. So far it has served over 250 businesses and worked with more than 2,000 drivers across East Africa.
The pre-seed funding, which brings Ridelink’s total investment to US$250,000 after receiving Seedstars backing last year, comes from Omidyar Network, the African Leadership Academy’s Young Entrepreneurs Fund and Ortus Africa Capital, and will be used to help it scale further.
Ridelink already services SMEs in Kenya and Tanzania as well as Uganda, and wants to build out its platform and acquire more customers with its new investment.
“We plan on using the capital raised to build globally competitive and robust technology and accelerate our marketing campaigns,” said Ridelink chief executive officer (CEO) Daniel Mukisa.
Young Entrepreneurs Fund fund manager Thokoza Mjo said Ridelink had demonstrated the ability of young Africans to create jobs.
“The Young Entrepreneurs Fund is designed to incentivise co-investments into graduates of our programmes like Daniel who have chosen to become career entrepreneurs,” Mjo said.