Kenya-based digital trucking logistics startup Amitruck has raised a US$4 million seed funding round to accelerate its expansion across Africa.
Launched in 2019, Amitruck is a trucking logistics marketplace that seeks to bring trust, transparency and efficiency to transport. The startup’s platform connects transporters directly with cargo owners via its web or mobile application, avoiding middlemen.
Transporters bid for work on the platform, ensuring competitive prices, while cargo owners have convenient access to a range of competitive offers and can choose a transporter based on price, rating and experience.
The startup, which raised a pre-seed round a year ago, has banked a US$4 million seed round to help it expand across Africa and expand its team across key functions, including sales, engineering, and customer success.
The fundraising was led by Better Tomorrow Ventures (BTV), a San Francisco-based venture capital firm that targets early-stage startups. Also in the round were supply chain and mobility venture capital Dynamo Ventures, Rackhouse Ventures, Flexport, Knuru Capital, Launch Africa Ventures, Uncovered Fund, and several strategic angel investors.
“We are thrilled about the positive response that Amitruck has received from cargo owners and transporters alike. Transport touches on almost every sector of the African economy and is crucial to its development; we are excited to be part of that journey. Thanks to the support from our investors, we look forward to expanding our footprint across Africa and bringing more carriers and shippers to our marketplace,” said Amitruck’s CEO and founder Mark Mwangi.
BTV’s general partner Jake Gibson said Amitruck was selected for investment due to its high level of innovation and a growing need for its services.
“As an investor in unicorn CloudTrucks here in the US, we have in-depth knowledge of the operational and financial requirements from truckers. While the trucking and logistic business in Africa has grown tremendously over the years, the pace of innovation particularly in its administration has been slow. Amitruck’s solution is ideal for bringing the industry into the 21st century.” he said.
Amitruck’s database consists of over 8,000 vehicles, which have in just over two years completed almost 100,000 deliveries for more than 300 corporate clients. Consequently, its revenue grew 1,000 percent in 2021. The startup is now eyeing market dominance in the Africa trucking and logistics market, which accounts for almost 80 per cent of transported goods.
