Barely a year it was founded, a logistics startup based in Kenya Amitruck has secured an undisclosed amount of funding from GreenTec Capital to boost its growth plans.
“With a presence in Germany and in Africa, GreenTec is an ideal partner as we continue to scale our business,” said Mark Mwangi, chief executive officer (CEO) of Amitruck. “We’re excited to have a partner on board that provides vast strategic experience in our market.”
Here Is All You Need To Know
- The investment from GreenTec Capital is expected to boost Amitruck’s efforts at gaining a foothold in the East African market where the likes of Lori Systems and Sendy (two well-funded logistics startups) are already making headway.
- GreenTec, which makes small investments in African tech startups but says its real value-add comes from its “company-building” model, has invested in a host of African startups, including Kenyan AI startup SuperFluid Labs, Nigerian logistics startup Parcel-it, Zambian cleantech platform WidEnergy, Moroccan recruitment service KWIKS,Kenyan cleantech startup Ecodudu, and, most recently, Ivory Coast-based waste management startup Coliba.
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Why The Investor Invested
Amitruck is believed to have already demonstrated impressive traction while boasting a tightly-knit team prepared to take the company forward. And according to a post on its official website, GreenTec will be working closely with Amitruck to support the company’s growth plans and further scaling.
According to a tweet by GreenTec Capital@GreenTecCapital:
@GreenTecCapital is very happy to announce our investment in @amitrucks an innovative Kenyan logistics platform bringing trust and transparency to the African logistics sector. Read more: https://bit.ly/2JJxC2i
Maxime Bayen, Senior Company Builder at GreenTec said logistics is a significant challenge in Africa and the current crisis is only making this more obvious.
“Amitruck’s solution has the potential to tackle the fragmentation and lack of trust in the sector while enabling capacity growth by increasing driver and truck owner accessibility to the broader market. We are extremely proud to be kicking off this long-term collaboration with Amitruck’s team,” he said.
A Look At What The Startup Does
Founded one year ago (January, 2019) by two brothers Mark and Timothy Mwangi, Amitruck is a vehicle-hailing company which connects traders to trucks, pick-ups, and motorcycles for goods delivery.
The startup describes itself as “an innovative mobile and web-based trucking logistics platform that brings together cargo owners and transporters for their mutual benefit.”
Amitruck’s solution cuts out expensive middlemen whilst increasing security as all drivers and vehicles are vetted and goods in transit insured. The startup has already seen impressive traction, and has now secured investment from GreenTec Capital to support its growth plans and further scaling.
As of 2019, Amitruck claimed to connect traders to over 500 registered transport service providers who move their goods to different locations, as well as up to 200 fleet owners on the platform.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.