- Logidoo, a Morocco-based logistics startup, has raised $1.55 million in seed funding to scale and increase its market share.
- Six venture capitalists from five African countries led the round. These VCs are Maroc Numeric Fund II and Kalys Ventures from Morocco; 216 Capital, Tunisia; Gullit VC, Ethiopia; Founders Factory Africa, Nigeria; and Sunny Side Venture Partners, Egypt/Japan.
- This news comes after Logidoo announced plans to expand in 2023 and expand its franchise network to five more African nations with the help of fresh funding.
Logidoo, founded in 2019 by Tamsir Ousmane Traore, is an online platform that offers logistics services and real-time parcel tracking. It has also introduced more executive roles to the team, like the CFO and COO.
The startup has over 3,000 logistics suppliers, over 100,000 completed operations, and 400 clients. It is available in eight countries on the continent, including Morocco, Senegal, Ivory Coast, and Tunisia.
Logidoo specialises in cross-border end-to-end 5PL logistics and aims to realise the African Continental Free Trade Area (AFCFTA) goal. 5PL (fifth-party logistics) is a recent and more advanced logistics provider system that looks beyond individual supply chains to wider supply networks.
Logidoo welcomes players from both the formal and informal sectors to expand its market reach, and it handles everything from transportation to cash management.
The new funding also underscores its interest in solving the relatively low intra-trade in Africa compared to regions like Asia and the EU.
According to Crunchbase, the startup raised a $200,000 seed from Kalys Ventures and Launch Africa in March 2022, and earlier in December 2021, it secured an undisclosed amount from the International Trade Centre.
Logidoo recently announced the launch of a new subsidiary in Tunisia, joining Mauritania, Senegal, Gambia, Mali, and Guinea Conakry. According to Logidoo, the launch will go a long way towards connecting Tunisia and West Africa, establishing a link in African markets. Benefits of the new subsidiary include reduced transport times, cost optimisation, and improved supply chains.