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Kenyan logistics startup Amitruck has raised an undisclosed investment led by Dynamo Ventures with participation from Plug and Play Ventures along with several angel investors.
Amitruck has secured an undisclosed investment
The pre-seed funding will be used to expand the startup’s reach and customer base in East Africa.
In a press statement to Ventureburn, Barry Large from Dynamo Ventures who previously was a board director at Sennder explains that the startup has great potential for incremental growth.
“We are excited to be investing in Amitruck given the momentum it has achieved over the last 12 months particularly in light of the challenges associated with COVID-19. We see many similarities between Amitruck and Sennder which we invested in at a very similar stage of their lifecycle and believe Amitruck has the potential to become equally as successful”.
Launched in 2019 by Mark and Timothy Mwangi, Amitruck is a trucking logistics marketplace.
The tech startup offers and mobile and web-based trucking logistics platform that brings together cargo owners and transporters for their mutual benefit.
Transparency and efficiency in this marketplace are fueled by its mobile application, eliminating the middle man and brokers.
According to reports, the startup has increased its revenue by 300% despite the challenges encountered during the Covid-19 pandemic.
Mark Mwangi, the founder, and CEO of Amitruck comments on the most recent funds secured.
“I look forward to working with Dynamo Ventures and Plug and Play Ventures who alongside their investment bring a huge amount of experience building and scaling companies and access within the logistics sector.”
Founded in 2016, Dynamo Ventures is a US-based venture capital firm that focuses on supply chain and mobility startups internationally. Dynamo Ventures is noted for its early investment in Sennder, Europe’s largest digital freight brokerage that recently acquired Uber Freight’s European operations and raised $160-million with a valuation in excess of $1-billion.
Plug and Play Ventures is a seed and early-stage venture capital firm focused on investing in emerging growth companies.
Alberto Anton, Analyst for Plug and Play Ventures comments on the investment into the Kenyan logistics startup. startup.
“We are extremely excited to invest in Amitruck. We have been in contact with Mark for the last 10 months and we are not only impressed by his incredible growth, but also by his story and ambitions. Amitruck brings efficiency and transparency to the supply chain and we are convinced that Mark and his team will be able to lead the logistics market in Kenya and East Africa.”
Featured image: Amitruck team (Supplied)