Over the last month, new developments surrounding the Africa Free Trade Agreement (AfCFTA) have brought a fresh wave of excitement to a variety of sectors with the prospect of access to new, continental African markets drawing closer. From retail to manufacturing, different industries have arisen in conversations on where the bill will impact change the most. Most recently, one company from the logistics sector hit the headlines in a major way and is a representation of the very heart of what the agreement is designed to do – improve intra-African trade.
Story From Forbes. Story by Mfonobong Nsehe.
Kobo360, the digital technology platform disrupting and leading African third-party logistics, recently announced the completion of a $20M Series A equity round led by Goldman Sachs as well as the likes of the International Finance Corporation, TLcom Capital, Asia Africa Investment and Consulting and Y Combinator. With an additional $10M in local currency secured from Nigerian commercial banks, the fundraise speaks to not only how impactful the AfCFTA will be on trade, but also the high regard in which international investors and African banking institutions hold Kobo360, a company taking the logistics and wider African tech scene by storm.
Founded in 2017, Obi Ozor, a Wharton Alum and ex-Uber Nigeria and his co-founder Ife Oyedele II, Kobo360 are building a digital logistics platform that enables the development of an efficient supply chain for end-to-end long-haul freight operations, connecting and supporting cargo owners, truck owners & drivers, and cargo recipients. Fresh from their $6mn fundraise just last year, the YCombinator-alumni have had an exceptional year, beating e-commerce platform Jumia to win “Disrupter of the Year” at the 2019 Africa CEO Forum, as well as securing double-digit investment and expanding across the continent.
Having launched in Togo, Ghana
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