Kenya based tech logistics platform, Amitruck has announced the acquisition of $4 million in in seed funding. The company provides streamlining solutions for the shipping market. The start-up has achieved a great initiative for the company in Kenya, and is buckled up to consolidate its teams that are responsible for operations, technical and sales to make space for the entry of the company in Uganda and Tanzania to expand the business and reach out to more customers. The expansion plan of the company is likely to provide its services to transporters and shippers who are dealing inside the country as well as on the borders.
Founder and chief executive officer of the company, Mark Mwangi has said that this round is extremely important and dedicated for the purpose of hiring and improving the technologies of Amitruck in order to expand the business in other countries as well.
The expansion plan of Amitruck is likely to provide its services to transporters and shippers who are dealing inside the country as well as on the borders.
Due to the managing operations being traditional, Africa has suffered for years in terms of shipping business as it as been insufficient and extremely costly. The traditional ways of managing operations mean that the shippers still have to physically look out for transporters through different mediators. Even after that, almost every time after the goods have been delivered, the trucks have to make the return being empty. In Africa, roads are steadily used for delivering goods, due to which, in any case of insufficiency that takes place the prices for the goods are inflated for the end customers. However, with time the tech solutions have bright efficiency into the business sector by increasing the availability of options and cheaper rates for shipper.
Better Tomorrow Ventures (BTV) lead the see round and the other firms that participated were Rackhouse Venture Capital, Dynamo Ventures, Knuru Capital, Flexport Inc, and several other investors.
Jake Gibson, who is a general partner of BTV has said that being an investor in a unicorn start-up in US, the company has a great knowledge about the financial as well as operational requirements from truckers. However, the growth of the logistics business has been great in Africa with an exceptional speed, the velocity of administrative innovation has been slow and the lacking factor for the business, for which, Amitruck brings its solutions for the industry in the 21st century.
Amitruck is a company with over 8,000 vehicles under its platform, with a revenue growth of 1,000% from 400% in year 2021 from 2020.
shippers are provided with a connection to transporters who deal with trucks, vans, three-wheelers known as tuk-tuk, motorbikes and pickups, which allow the two dealers to negotiate the rates. Amitruck also allows the shippers to customise the services according to their preferences. The shippers can also rate down a transporter and the trips made with which, the data helps others shippers to make the right choice with specifications.
Amitruck is a company with over 8,000 vehicles under its platform, with a revenue growth of 1,000% from 400% in year 2021 from 2020. The COVID-19 pandemic forced the sector to digitise the process of supply chain.Â Amitruck participated in the Ninja Accelerator program that is backed by JICA, in year 2021. The start-up was accepted to Black Founders Fund accelerator and Budstart Accelerator program that provides capital to help the start-up businesses.