Nigerian trucking logistics startup Kobo360 is expanding into Ghana, Togo, and Cote D’Ivoire after raising $6 million to upgrade its platform.
With this investment, Kobo360 aims to become more than a trucking transit app.
“We started off as an app, but our goal is to build a global logistics operating system. We’re no longer an app, we’re a platform,” says founder Obi Ozor
The company, which connects truckers and companies with freight needs — through an Uber -like app, gained the equity financing in an IFC led investment, which saw participation from TLcom Capital and Y Combinator, among others.
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Aside connecting truckers, producers, and distributors, the company is building its platform to offer supply chain management tools for enterprise customers.
“Large enterprises are asking us for very specific features related to movement, tracking, and sales of their goods. We either integrate other services, like SAP, into Kobo or we build those solutions into our platform directly,” Ozor said.
He further revealed that Kobo intends to enable its clients to be able to use the Kobo dashboard for everything; including moving goods, tracking, sales, and accounting…and tackling their challenges and for this reason, it will start by developing its API and opening it up to large enterprise customers.
Concerning the limited expansion into new markets Ghana, Togo, and Cote D’Ivoire in 2019, Mr Ozor stated that “the expansion will be with existing customers, one in the port operations business, one in FMCG, and another in agriculture.”
With the latest investment, Wale Ayeni, IFC’s regional head for Africa and TLcom senior partner Omobola Johnson will join Kobo360’s board. “There’s a lot of inefficiencies in long-haul freight in Africa…and they’re building a platform that can help a lot of these issues,” said Ayeni of Kobo360’s appeal as an investment.
The company has served 900 businesses, aggregated a fleet of 8000 drivers and moved 155 million kilograms, per company stats. Top clients include Honeywell, Olam, Unilever, Dangote, and DHL.