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Goldman Sachs - led consortium invests in Nigerian logistics company

Africa Global Funds
Aug. 21, 2019, 3:07 p.m.
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Goldman Sachs - led investment consortium has invested $20m in Nigeria-based freight logistics business Kobo360.

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Goldman Sachs - led investment consortium has invested $20m in Nigeria-based freight logistics business Kobo360.

Investors in the Series A equity round included Asia Africa Investment & Consulting, TLcom Capital, Y Combinator and the International Finance Corporation. 

In addition, $10m was raised in local currency working capital financing secured by Nigerian commercial banks.

Since its launch in Lagos in 2017, Kobo360 helps truck drivers and companies connect with delivery services through a mobile application.

After making substantial inroads into Nigeria, covering 80% of the country, the company has set their foot on key strategic trade hubs in Western and Eastern Africa, with a mission to build a Global Logistics Operating System [G-LOS] powering trade and commerce across Africa and emerging markets.

Today, Kobo360 has also presence in Togo, Ghana and Kenya.

The company plans to use the capital to hire drivers, improve its technology, and expand operations across the continent. 

“Over the last two years, we have built a reputation for delighting our customers and improving the working lives and careers of thousands of drivers across the continent. This capital enables us to do more by building out our driver workforce, develop our technology offering, accelerate supply growth and scale quickly, to power the recently launched Africa Free Trade Continental Agreement [AfCFTA] that is expected to catalyse intra-African trade,” said Kobo360. 

“With the support of thousands of SMEs and large enterprises, drivers and the Kobo360 team across our locations, and with African countries opening up to trade through the AfCFTA agreement, we are powering commerce in Africa – in every sense.” 

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