The Norwegian Investment Fund for Developing Countries (Norfund) has recently announced a $10m investment in the East Africa based freight and logistics company Freight in Time (FiT).

Kjell Roland, Managing Director of Norfund, said: “Our investment in FiT is aligned with our strategy to contribute to sustainable enterprises and economic development in Africa.”

“A well-functioning logistics sector plays an important role for most companies, not the least for the successful East African vegetables and horticulture export business, and Norfund is delighted to contribute to FiT’s further growth and success,” he added.

Freight in Time (FiT) was initially the freight and logistics arm of the East African agribusiness group Sunripe, a family owned entity founded in 1965.

FiT has several years of experience in the area of freight and logistics.

Headquartered in Nairobi, FiT is present in eight East African countries: Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, Djibouti and South Sudan.

Its network of offices throughout the region provides its customers with a seamless solution and enables them to synchronize transport modes and develop tailor-made supply chain solutions.

In addition with brokerage expertise and warehousing services (3PL and 4PL services), the company offers regional cross border air/road freight, full truck load (FTL) and less than container load (LCL) end-to-end solutions.

Shamit Shah, Managing Director of FiT, said: “To undertake the envisaged expansion, FiT needed to partner with a long term investor that also could contribute with professional competency and non-financial support. Norfund is exactly the kind of investor we needed.”