Lori Systems, an on-demand haulage startup has raised an undisclosed Series A funding round. Although the company did not disclose the amount,DealStreet Asiaalleged that the round had amounted to $30 million by Friday 8th November 2019.
The round was led by Hillhouse Capital Group and Crystal Stream Capital, both Chinese investors. Other participants in the round are EchoVC, Apoletto Asia, Timon Capital, Raba VC, Endeavors Catalyst, Flexport, and others. Lori Systems will use the funds to strengthen its business operations across Africa.
In 2016, Lori Systems was launched in Nairobi, Kenya to compete against the likes of Kobo360, Bwala, and Sendy. It is an e-logistics service provider that connects cargo owners with truck fleets. It helps them track the movement of shipments and to realize on-time delivery at lower costs across Africa.
The company has business operations in Kenya, South Sudan, Democratic Republic of Congo, Ethiopia, Rwanda, Uganda, and recently in Ghana and Nigeria. They have multiple bids associated with the newly built $4 billion railroad system in East Africa. The team has grown from 15 to 70 since February. Some of their business partners include McKinsey, NASA, and DHL.
More on TechGist Africa
- Vivo Launches its First Pop-up Camera Smartphone in Kenya
- Visa Acquires $200 Million Stake in Interswitch
- CBN Grants Flutterwave Super-Agent License to Foster Financial Inclusion in Nigeria
- Amazon Invests R356 million to Incubate 100 Black South African ICT Entrepreneurs
- Tizeti, Solar-based Network Provider Launches 4G Network in Nigeria
Get real time update about this post categories directly on your device, subscribe now.