To improve its product and enter other key African markets, such as Rwanda and Mauritius, Leta, a logistics startup based in Kenya, has raised US $5 million in seed funding.
Leta was founded in 2022 to help businesses minimize their costs and their impact on the climate by optimizing the movement of goods. Its artificial intelligence (AI) platform turns shipment data into useful insights while streamlining payments, optimizing delivery routes, and enabling real-time tracking.
Leta has managed 7,400 vehicles, handled 4.5 million deliveries, delivered 150,000 tonnes of goods, and experienced a five-fold increase in revenue since its pre-seed round in 2022. In order to reduce expenses and increase efficiency, it has also spread from Kenya into Uganda, Nigeria, Zambia, and Zimbabwe, assisting major players in the market like KFC, EABL, Fargo Courier, and Gilani’s.
With the help of Equator VC and Google’s Africa Investment Fund, the startup has now raised a US$5 million seed round, led by Speedinvest. Leta intends to use the funding to improve its offering and solidify its standing as the preferred logistics technology platform for African companies. Additionally, it intends to grow into other key African markets, such as Rwanda and Mauritius.
“This funding comes at a critical time for us,” said Nick Joshi, founder and CEO of Leta. “Our investors’ backing validates our vision and progress. With this capital, we’re looking to refine our product to empower more businesses with a cost-effective, data-driven supply chain.”
Leta’s diverse and experienced leadership team is revolutionizing logistics in emerging markets, where transportation costs can account for up to 70% of COGS, according to Deepali Nangia, partner at Speedinvest.
“Through innovative software, they have driven operational efficiencies for Africa’s leading FMCG brands. Speedinvest is excited to back them as they leverage logistics as a gateway and fintech as a growth lever, unlocking new opportunities for businesses across the continent,” he said.
