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.”
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.
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).
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.
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Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.