Amitruck, a Kenyan logistics startup has announced an undisclosed pre-seed funding from Dynamo Ventures based in the USA, and seeing participation also from Plug and Play Ventures, among other angel investors.
Amitruck which was launched in 2019, is a trucking logistics marketplace bringing transparency, efficiency and trust by linking truckers with shippers using its web and mobile application, side stepping both middlemen and brokers in the process.
The startup reportedly had an amazing 12 months where it saw revenues jump to over 300% in spite of the COVID-19 pandemic. After it completed the Google for Startups Accelerator Africa in 2020, Amitruck has done well to attract investments from both Dynamo Ventures and Plug and Play Ventures, along other angel investors from its advisory board with experience in supply chain and logistics.
In a press statement, Mark Mwangi, the founder and CEO of Amitruck said,
“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.”
In response to this, Barry Large of Dynamo Ventures says,
“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.”
The former board director at Sennder aaded that, his outfit has spotted a number of similarities between Amitruck and Sennder which they invested in at a very similar stage of their lifecycle. Concluding that Dynamo Ventures believes Amitruck has that possibility in becoming equally successful.
A bit about Dynamo Ventures
Dynamo Ventures is a sector-focused investor, targeting the outside US supply chain and mobility startups. It is largely 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. The venture capital firm was founded in 2016, after the fund’s founders successfully exited Access America Transportation to UPS following its merger with Coyote Logistics.
“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,” said Alberto Anton, Analyst for Plug and Play Ventures.
He shares that Amitruck brings to the table efficiency and transparency to the supply chain and they they at Plug and Play Ventures are convinced that Mark and his team will be able to lead the logistics market in Kenya and East Africa as a whole.
About Plug and Play Ventures
Plug and Play Ventures is a seed and early-stage venture capital firm that invests in emerging growth companies. This is the venture arm of Plug and Play, an innovation platform, bringing together startups and the world’s largest corporations.
ImaliPay: Nairobi Fintech Startup Raises Pre-Seed Funding Led By TEN13
ImaliPay, a fintech startup helping African freelancers reach their financial goals has raised an undisclosed amount in pre-seed funding from the Australian venture capitalist, TEN13, reputed for investing in top-tier start-ups.
According to ImaliPay, the primary aim of this newly raised funding is to expand and accelerate their growth and footprint in Nigeria, South Africa and Kenya to be a one-stop-shop for gig workers’ financial needs on the continent.
The backing of ImaliPay by TEN13 is on the back of recent chain of events that has elevated the visibility of Africa’s fintech startup scene.
Commenting on the deal, Managing Partner of TEN13, Stew Glenn, said,
ImaliPay in 2020 was co-founded by Zimbabwe’s Tatenda Furusa and Sanmi Akinmusire a Nigerian, who were former colleagues at the leading payments company Cellulant. The fintech company thinks the investment from the venture capital has significant benefits.
In a statement released to the press, Tatenda Furusa said,
It’s a great opportunity for investors to participate in the fintech revolution and a fast-growing segment. Our vision at ImaliPay is to advance financial health and inclusion for gig workers who struggle to manage and access flexible financial services that are often only available to traditional SMEs.
The growth in the African gig workforce is being pushed by the growth in digitization and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade.
ImaliPay offers gig workers a one-stop-shop of financial services such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their trade.
Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime.
Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population.
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