Nigerian freight logistics startup Kobo360 has secured a US$20 million Series A round led by Goldman Sachs and US$10 million in working capital financing from Nigerian commercial banks.
Kobo360 will use part of this new round of financing to build out its Global Logistics Operating System (GLOS), a blockchain-enabled platform that will help the company transition to more supply-chain services.
The startup will also use the funds to expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.
Founded in 2017 by Ife Oyedele ll and Obi Ozor, Kobo360 uses its tech-enabled digital logistics platform to connect truckers and companies to delivery services. To date, the startup claims a fleet of more than 10,000 drivers and trucks operating on its app with clients including Honeywell, Olam, Unilever, Dangote and DHL.
Image Credits: Kobo360