Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs – gpgmail


Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber -like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Since its launch in Lagos in 2017, Kobo360 has continued to grow its product offerings, VC backing and  customer base. The startup claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

In addition to customer focus, founders Ife Oyodelo and Obi Azor have prioritized serving the startup’s drivers. They offer the company’s app in languages common to drivers, such as Hausa and Pidgin. 

Kobo360 also launched its own driver working capital finance program, KoPay, KoboSafe insurance product and KoboCare: a suite of driver services from HMO packages to family tuition assistance.

The startup is part of a growing e-logistics and transport space in Africa linking on-demand apps to mobile-based connectivity to move people and goods around the continent more effectively.

In the ride-hail space, global players such as Uber and Bolt are competing with each other and homegrown startups to digitize and capture revenues in the continent’s auto and motorcycle taxi markets.

In e-logistics freight delivery, two startups — Kobo360 and Lori Systems — have continued to compete tit for tat on investment, scale and expansion.

Kobo360 moved into Lori Systems’ HQ country Kenya last year. Lori Systems expanded into Nigeria in September of 2018.

Commercial research firm MarketLine estimated the value of Nigeria’s transportation sector in 2016 at $6 billion, with 99.4% comprising road freight.

Kobo360’s CEO Obi Azor told gpgmail the startup would make final decisions on the 10 new  countries by first quarter 2020.

As a cross-border freight service, the company looks to benefit from Africa’s Continental Free Trade Area (AFCFTA), signed this year by all the continent’s 54 countries to reduce barriers and friction on Pan-African commercial activity.

In addition to lower costs for Kobo360’s country to country freight movement, the startup expects to have a voice in AFCTA’s final implementation.

“We’re going to do some policy work through the IFC so we can help shape AFCTA. The key to the deal is really logistics, so if the logistics component doesn’t work out the deal isn’t going to work,” Azor said.

Kobo360 will use part of its $30 million funding to build out its Global Logistics Operating System —  GLOS for short — a blockchain-enabled platform that will help the company transition to more supply-chain services.

Kobo360 Product Shot Accept Trips

By Digest Africa’s latest ranking, Kobo360’s $20 million Series A is the 5th largest investment in an African startup this year, after Egyptian ride-hail company Svwl’s $42 million raise in June. Kobo360’s existing investors IFC, TLCom Capital and Y Combinator joined the round.

Goldman Sachs confirmed to gpgmail its lead on the Series A. Over the last several years the U.S. based finance firm’s Africa investments have included backing for e-commerce unicorn Jumia (which recently listed on the NYSE) and leading a $52 million investment in South African fintech startup Jumo in 2018.

Goldman Sachs’ Jules Frebault named Kobo360’s ability to scale quickly over a short period of time and use of tech to improve reliability and efficiency in Africa’s logistics ecosystem as a reason for leading the Series A.

“It’s also a business model that’s replicable across multiple geographies on the continent,” he told gpgmail on a call.

Kobo360 has a mind toward international expansion but expects to remain focused on Nigeria and Africa for now. “We’re definitely thinking global, we just want to make sure we close out our home market first, then we’ll start looking outside,” Azor said.

 


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Startups BRCK and Swvl partner on free WiFi for Kenyan ride-hail buses – gpgmail


Nairobi based internet hardware and service startup BRCK and Egyptian ride-hail venture Swvl are partnering to bring WiFI and online entertainment to on-demand bus service in Kenya.

BRCK will install its routers on Swvl vehicles in Kenya and run its Moja service, which offers free public WiFi—internet, music, and entertainment—subsidized by commercial partners.

Founded in Cairo in 2017, Swvl is a mass transit service that has positioned itself as an Uber for shared buses. “Think ride hailing, but with a bus…and instead of the vehicle coming to you…you go to the bus, and the bus picks you up at a certain point and time,” Swvl’s general manager for Kenya, Shivachi Muleji, told gpgmail via email.

The company raised a $42 million Series B round in June, with intent to expand in Africa, Swvl CEO Mostafa Kandil said in an interview.

In Kenya, BRCK has installed 15 of its units in Swvl buses and looks to offer its Moja WiFi service in 700 by 2020, BRCK’s chief operating officer Nivi Sharma told gpgmail.  Swvl pays a monthly fee for the routers and for maintenance of the routers, Swvl confirmed.

Both BRCK and Swvl see a solid fit in pairing up their product offerings. “SWVL’s objectives to provide an alternative in the transportation industry line up nicely with BRCK’s objectives of providing connectivity to commuters,” said BRCK COO Nivi Sharma.

Backed by $10 million from investors including Steve Case’s Revolution VC fund, BRCK built its platform around providing internet solutions in East Africa. Founder Erik Hersman has described Africa’s internet challenges—mainly the lowest penetration rates in the world—as shifting toward more of an affordability than availability problem.

“The demand on internet in Africa is largely driven by the 10 to 15 percent who can afford it. The real massive opportunity is trying to connect the 70 to 80 percent of the people who can’t,” Hersman told gpgmail in 2017.

SupaPossibleLead1To that end, BRCK paired up its Africa specific WiFi routers to its Moja service to offer free internet and content supported by commercial partners. Users can access Moja on their mobile phones, tablets, or laptops on public transportation or in public areas. They earn points from their browsing to apply to faster connectivity or premium content.

In 2018, BRCK began offering SupaBRCK devices to drivers of Nairobi’s highly-used Matatu buses for Kenyan commuters to access Moja. In February, the startup acquired Nairobi based internet provide Surf and its network of hotspots.

BRCK currently has 445,000 unique monthly active users on its Matatu based Moja mobile network in Kenya and Rwanda and 150,000 unique monthly active users on its fixed network—including users connecting at cafes, barbershops, and marketplaces, according to company data.

Swvl Bus with moja 2BRCK and Swvl wouldn’t confirm plans on expanding their mobile internet partnership to additional countries outside of Kenya.

Ride-hail markets in Africa have become an active sector for VC investment and global and local startups. The big players such as Uber  and Bolt are competing in Kampala and Nairobi—where in addition to car-service—they offer rickshaw taxis.

On-demand motorcycle startups are multiplying and piloting EVs with funds from international partners. And many ride-hail companies in Africa are adapting unique product solutions to local transit needs. The collective startup activity is making the continent home to a number of fresh mobility use-cases, including the BRCK and Svl WiFi partnership.

 

 

 

 

 

 

 


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Spacetech growth, the future of micromobility, and how to solve the hell of open offices – gpgmail


Is space truly within reach for startups and VC?

With the 50th anniversary of the moon landing taking place this past week, Darrell Etherington takes a temperature check of the current state of spacetech, chatting with startups like Wyvern and NSLComm. What he finds is actually a fairly positive picture — not only are there a huge number of original ideas and serious dollars flowing into the … space (couldn’t resist), but there are also clear trajectories to real products in the short-to-medium term. Writing about satellites:

Now, driven largely by miniaturization and manufacturing efficiency gains resulting from the ubiquity of home computing and smartphones, those components are a lot more affordable and a lot more available. High-quality optics can be had off the shelf for a relative song; antennas, solar cells, batteries and more have all dropped off a cliff in terms of manufacturing cost. Consumer hardware startups benefited from this trend as well, but it’s paying dividends to companies with higher-altitude ambitions, too.

[…]

Thanks to improvements in materials science, NSLComm was able to develop a proprietary technology to quickly deploy long communications antennas in orbit from relatively small craft, letting them offer high-bandwidth ground and air connectivity at a fraction of the cost needed by large satellite operators, while still maintaining favorable margins.

How top VCs view the new future of micromobility

Transportation into the cold vacuum of space isn’t the only hot zone for VC investment. Transportation itself is still getting a lot of love, but the investment theses are changing as more data comes in from the first wave of micromobility startups. At our Sessions: Mobility event, we had our VC reporter Kate Clark interview Sarah Smith of Bain Capital Ventures, Michael Granoff of Maniv Mobility, and Ted Serbinski of TechStars Detroit to discuss the future of this market, and we’ve now posted an exclusive edited transcript for Extra Crunch members.


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Africa’s ride-hail markets are hot spots for startups and VC – gpgmail


When it comes to VC, vehicles, and startups, Africa’s ride-hail markets are becoming a multi-wheeled and global affair.

The big players such as Uber and Bolt are competing in Kampala and Nairobi—where in addition to car-service—they offer rickshaw taxis. On-demand motorcycle startups are multiplying and piloting EVs with funds from international partners. And many ride-hail companies in Africa are adapting unique product solutions to local transit needs.

In this analysis, I take a look at the leading startups in the mobility space and how the future of transportation on the continent will increasingly come from new entrants.

Africa’s in the midst of digital innovation boom

Africa’s in the midst of digital innovation boom, the components of which are intersecting rapidly across its 54 countries and 1.2 billion people.

Smartphone penetration is improving and in 2017, the continent saw the largest global increase in internet users—20 percent.

By Partech data, the continent surpassed the $1 billion VC mark in 2018. And greater connectivity and venture funding are fueling thousands of startups in every imaginable sector, including digital-transit.

While reliable markets stats for the size and potential of Africa’s ride-hail markets are sparse, there are some indicators of the sector’s potential.

Car ownership and cars per capita in Africa is among the lowest in the world. Parallel to that, any eyes and ears survey of the continent’s big cities reveals that shared transport by buses, cars, or motorcycles is big business that’s already ingrained in consumer culture. Millions of people daily pay fares to pack onto East and West Africa’s Mutatu and Danfo minibuses and Okada and Boda Boda motorbike taxis.

As Africa continues to urbanize, converts to smartphones, and discretionary consumer spending continues to rise—it all adds up to suggest strong potential for conversion to on-demand mobility services.

Unsurprisingly, the most active markets for ride-hail startups and investment in Africa align with the continent’s top spots for VC and tech activity: primarily Nigeria, Kenya, and South Africa.



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