Nigerian logistics startup Kobo360 closes $1.2m seed round

Nigerian logistics startup Kobo360 has raised $1.2-million in a seed round led by US venture capital firm Western Technology Investment.

The startup, which was founded in 2016 by CEO Obi Ozor (pictured above, left) and CTO Ife Oyedele II, provides companies looking to move cargo with access to a pool of over 5 400 trucks through its online platform.

Kobo360 is reported to be looking into expanding into Ivory Coast, Ghana, Senegal and Togo

TechCrunch reported yesterday that Nigerian investment firm Verod Capital Management also participated in the round. The capital will be used to facilitate quick payment of drivers on Kobo360’s platform. In addition, Kobo360 is said to be looking into adding 20 000 trucks to its platform and expanding into Ivory Coast, Ghana, Senegal and Togo.

Kobo360’s platfrom, on which users can track cargo in real-time, also allows drivers to select which loads they want to transport.

The startup which is reported to have processed orders worth $1.75-million — months after it launched — claims to have served over 300 businesses since launch.

The Lagos-based startup has also been accepted into Y-Combinator’s 2018 Summer cohort, receiving a $120 000 equity investment from the seed fund.

Featured image: Kobo360 via Facebook