A Kenya-based truck logistics startup, Amitrucks has disclosed that it has secured $4M in its seed fundraising. The round was led by Better Tomorrow Ventures (BTV), with the participation of Dynamo Ventures, Rackhouse Venture Capital, Flexport Inc, Knuru Capital, Launch Africa Ventures, UNCOVERED FUND Inc., and a number of private investors.
Amitruck’s CEO and Founder, Mark Mwangi, in regards to the company’s new funding said that the new funds acquired will be used to expand trading routes through Uganda and Tanzania as well as lead the startup’s expansion across Africa.
Having scaled its business growth by 1000%, Amitrucks currently has over 8,000 registered vehicles in its database with more than 300 corporate clients including: MarketForce, Premier Foods Limited (Peptang), Sky.Garden, Weetabix East Africa, The Clorox Company, SkyGarden, Twiga, DHL and dozens of other clients using its digital delivery solution for fast and efficient delivery of goods.
Since its establishment in 2019, Amitrucks has had almost 100,000 cargo deliveries in its name. The company’s mobile app is also enabling its customers to place demands for delivery of services using its driver prices, ratings and experience.
Also speaking on the raise, BTV’s co-founder and general partner, Jake Gibson, said, “As an investor in a unicorn CloudTruck startup here in the U.S., we have in-depth knowledge of the operational and financial requirements from truckers.
“While the trucking and logistic business in Africa has grown tremendously over the years, the pace of innovation particularly in its administration has been slow. Therefore, Amitruck’s solution is ideal for bringing the industry into the 21st century,” he said.
Mwagi whilst appreciating partners said, “We are thrilled about the positive response that Amitruck has received from cargo owners and transporters alike. Transport touches on almost every sector of the African economy and is crucial to its development; we are excited to be part of that journey. Thanks to the support from our investors, we look forward to expanding our footprint across Africa and bringing more carriers and shippers to our marketplace.”
Amidst the demolishing of the ambiguous middlemen chain that inevitably delays delivery and increases cost, Amitrucks however stays at a plane through efficient delivery with cost-efficiency, saving customers 30%cost.
The company also enables transparency and data security using Amazon Web Services enabling full insurance against loss and damages, with customers paying only when there is a certified delivery.
Moving forward, the company plans to appropriate funds in hiring teams across its technical, operations, and sales units, including senior leadership.
(Wholly reported by Ajifa Treasure Solomon)
