Logistic company, Kobo360 get $1.2 million pre-seed investment

Kobo360, a logistics company, which allows other companies have easy access to a large pool of trucks with real-time tracking at affordable and flexible rates have raised a pre-seed funding of up to $1.2 million. With Kobo360, their drivers conveniently find loads they want, are paid instantly and get reverse goods. They have found an innovative way around company logistics in Nigeria.

Founded by Obi Ozor and Ife Oyedele, Kobo360, which wants to solve the problem in the logistics space, according to TechCrunch, has been accepted into the YCombinator class of 2018. And also raised $1.2 million in pre-seed funding round led by Western Technology Investment and Nigeria’s Verod Capital Management.

According to reports, the funds raised would be channeled as working capital. It’ll be used to pay drivers online immediately after completing a successful haul which should further increase the trust they have placed in them.

In just 4 months of launch, Kobo360 claimed to have processed orders worth ₦1 billion ($2.8 million), coordinating 5,000 trips a month, has served 324 businesses and moved over 37 million kilograms of cargo since 2017 and has up to 5,480 drivers on its platform. They are sure on course to becoming the largest and most innovative logistics platform in the country.

Targets have been set as the company’s plans to add 20,000 trucks on its platform by the end of the year, and expand to other African countries like Togo, Cote D’ivoire, Ghana and Senegal. A Kobo360 app in Hausa and Pidgin is also on course.