To hasten African expansion, $4 M seed funding raised by Kenyan logistics startup Amitruck
Amitruck, a Kenya-based digital transportation logistics firm, has acquired US $4 million in venture capital to help it expand throughout Africa.
Amitruck is a trucking logistics marketplace that was founded in 2019 with the goal of bringing trust, transparency, and efficiency to the transportation industry. The startup’s platform links transporters and cargo owners directly through its online or mobile application, eliminating the need for intermediaries.
Cargo owners have quick access to a selection of competitive bids and may choose a transporter based on price, rating, and expertise, while transporters bid for business on the platform, assuring competitive costs.
The firm, which received a pre-seed investment a year ago, has received a US $4 million seed financing to help it expand across Africa and grow its workforce across critical roles such as sales, engineering, and customer success.
Better Tomorrow Ventures (BTV), a San Francisco-based venture capital firm that focuses on early-stage entrepreneurs, spearheaded the funding. Dynamo Ventures, Rackhouse Ventures, Flexport, Knuru Capital, Launch Africa Ventures, Uncovered Fund, and a number of strategic angel investors also participated in the round.
“We are thrilled about the positive response that Amitruck has received from cargo owners and transporters alike. Transport touches on almost every sector of the African economy and is crucial to its development; we are excited to be part of that journey. Thanks to the support from our investors, we look forward to expanding our footprint across Africa and bringing more carriers and shippers to our marketplace,” said Amitruck’s CEO and founder Mark Mwangi.
Amitruck was chosen for investment by BTV’s general partner Jake Gibson because of its high degree of innovation and expanding demand for its services.
“As an investor in unicorn CloudTrucks here in the US, we have in-depth knowledge of the operational and financial requirements from truckers. While the trucking and logistic business in Africa has grown tremendously over the years, the pace of innovation particularly in its administration has been slow. Amitruck’s solution is ideal for bringing the industry into the 21st century.” he said.
Amitruck has a database of over 8,000 cars that have done almost 100,000 deliveries for over 300 corporate clients in a little over two years. As a result, sales increased by 1,000 percent in 2021. The business is now aiming for market supremacy in Africa’s haulage and logistics industry, which accounts for over 80% of the continent’s total market.
