Kobo360 is a Nigerian startup that connects truck owners and companies to transport services with presence in Ghana, Kenya, Togo and its home country Nigeria. The company was able to secure a $20 million Series-A funding led by Goldman Sachs and later amassed $10 million in working capital from Nigerian commercial banks. This makes it the second-highest funding round secured by a startup in Africa this year behind Swvl’s funding round that closed at $45 million.
The company was co-founded by Obi Ozor and Ife Oyedele in 2017 to ‘solve the logistics problem of SMEs and large companies in Nigeria’. For the most part, Nigeria and Africa as a whole face the problem of inefficiency in the cargo transport and logistics sector. Kobo360 hopes to tackle this by ‘developing an efficient supply chain for end-to-end freight operations, connecting and supporting cargo owners, truck owners & drivers, and cargo recipients’.
Currently, the company boasts of 10, 000 truck and drivers and has serviced thousands of SMEs and 80 large companies. Its fleet of trucks has moved over 500Mkg of cargo since launching in 2017. Some of the big companies that Kobo360 cater for are Dangote Group, Lafarge, Unilever, Flour Mills of Nigeria, African Industries and Olam. The company also have other programs like KoboSafe (Insurance Product), KoPay (Finance Product, KoboWIN and KoboCare (Driver Empowerment Program).
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.Obi Ozor – CEO Kobo360
Besides Goldman Sachs, Asia Africa Investment and Consulting also participated in the Series-A funding joining existing investors like TLcom Capital, Y Combinator and the International Finance Corporation.