Kenyan Logistics Startup Lori Expands Into Nigeria Aiming To Increase Its Footprint Across Africa
Nairobi-based Lori which was launched in 2016 has officially announced its expansion to Nigeria. This comes after a successful 10-month pilot in Nigeria working with some of Nigeria’s top cargo companies such as Olam, Honeywell Flour Mills and Flour Mills Nigeria.
This expansion presents a massive opportunity for Lori, as the company seeks to facilitate and connect technology innovation, smart policy and government partnership, and seamless operations to continue to lower the cost of goods.
Lori is a digital logistics coordination platform and marketplace that connects cargo owners to transportation. It aims to leverage technology in reducing inefficiencies in the logistics chain by providing real-time tracking and optimization. This, in turn, helps in informed decision making, utmost utilization of trucking assets and ultimately, reduction of transportation costs.
The company, which employs automatic invoicing systems, additionally offers fuel financing and insurance products to its clients, to help them get their trucks on the road without delay.
Late last year, the company had expanded into three East African countries; Rwanda, Uganda and South Sudan. It had also reportedly raised a total of USD 6.1 Mn in funding the same year.
Just a few months ago, Lori had hired African experts to help facilitate its expansion in the African market. Those appointed were Uche Ogboi, a former Investment Principal at Echo VC Partners and Efayomi Carr, a former Senior Associate at Quona Capital. They came in as Chief Operating Officer and Head of Strategic Finance respectively.
“Our mission in Nigeria is to create a more efficient logistics experience for cargo owners who are burdened with the task of moving their goods across the country. We have successfully created a digital platform to enable the movement of goods through a transparent supply chain management system that is affordable, reliable and flexible,” said Uche Ogboi, Lori Chief Operating Officer.
The expansion will prove beneficial in Nigeria seeing as it is Africa’s largest single market and it faces congestion and a shortage of transport options. Nigeria’s logistics sector is also underdeveloped and highly fragmented owing to a mismatch between supply and demand sides. The sector’s informal nature also causes a lack of standardization which translates to inefficiencies in delivery.
Feature photo courtesy: Lori
