Kenya’s Lori Systems Follows Up Nigerian Expansion With USD 30 Mn Series-A Round
A few weeks ago, Lori Systems, a logistics startup that is headquartered in Nairobi, Kenya, spread its tentacles by entering the Nigerian market.
Today, the startup has followed that up with another big move by raising USD 30 Mn in a Series-A funding round led by Chinese Investors, Hillhouse Capital and Crystal Stream Capital, as well as Nigeria’s EchoVC Partners.
Last year, the startup raised USD 6.2 Mn in seed money from US investors.
In a statement issued after the funding round, founding partner of Crystal Stream Capital, Wang Mengqiu said:
“As one of the first Chinese venture capital funds to venture into the African market, Crystal Stream Capital has conducted field visits and investigations to conclude that it is the best time to make investments in the region, due to Africa’s rapid economic growth, demographic dividend, and booming mobile Internet.”
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Lori Systems launched in Kenya in 2016, and it has since established itself as a provider of logistics infrastructure for trucks in Africa. It has also expanded to other East African countries, including Congo, Rwanda, and Uganda; and more recently, West African countries like Ghana and Nigeria, where it is likely to face stiff competition from a well-funded Kobo360.
