Logistics startup Kobo360 raises $1.2 million in pre-seed funding

by | Jun 29, 2018

In November 2016 when Techpoint talked to Obi Ozor and Ife Oyedele, founders of Kobo360, they said, “Our interest in the logistics space is to solve the problem.”


Suggested Read: Kobo is a delivery logistics platform with a blend of process and execution


The logistics company just received strong backings to do just this.

According to TechCrunch, Kobo360 has been accepted into the YCombinator class of 2018 and also raised $1.2 million in pre-seed funding round led by Western Technology Investment and Nigeria’s Verod Capital Management.

Advertisement

The report also says the funds will be used as working capital to pay drivers online immediately after completing a successful haul.

In 2016, co-founder Obi predicted that Kobo will surpass FedEx, UPS and DHL to become Nigeria’s largest and most innovative logistics platform. That dream is coming closer to reality.

It was not a surprise as in just 4 months of launch, Kobo360 reportedly processed orders worth ₦1 billion ($2.8 million). 


Suggested Read: Kobo claims it processed orders worth nearly ₦1 billion within 4 months of launch


As of recent, the company reportedly coordinates 5,000 trips a month, has served 324 businesses and moved over 37 million kilograms of cargo since 2017 and has 5,480 drivers on its platform.

By August this year, Kobo360 is looking to launch its app in Hausa and Pidgin. It also plans to add 20,000 trucks on its platform by the end of the year, and expand to Togo, Cote D’ivoire, Ghana and Senegal.

Victor Ekwealor
Victor Ekwealor

tech. media. startups. africa. vc | Twitter: @victor_ekwealor

Advertisement


Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

TABS is tomorrow! 💃 💃

TABS is tomorrow! 💃 💃

On #TechpointDigest, we discuss Victory Farms’ $5m investment, Netflix for kids and people with disabilities, and TikTok’s plan to credit creators.

TikTok on a “Branded Mission”

TikTok on a “Branded Mission”

On #TechpointDigest, we discuss Autochek’s new acquisition, TikTok’s Branded Mission, Bamba’s $3.2 million seed, and Jumia’s report for Q1 2022.

[PODCAST] Tax evasion in Nigeria to get harder

[PODCAST] Tax evasion in Nigeria to get harder

Using data mining and machine learning, Nigeria’s Federal Inland Revenue Service plans to make it harder to evade taxes. Listen to today’s episode of #TechpointAfricaPodcast to learn how it plans to do that.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap