The hamstring spellcast by the novel pandemic in 2020 could have slowed down African trucking startups. But, with millions of dollars in the bank from the previous, more impressive year, steering clear from much trouble could have been easier.
To repeat context, 2019 was a better funding year for African trucking startups. These tech-enabled logistics firms attracted multimillion-dollar interests from both international and Africa-focused investors in that year.
Kobo360 inked a USD 30 Mn in a Goldman Sachs-led Series A and Lori Systems landed another USD 30 Mn in a Chinese VC-dominated Series A. Both of these companies also expanded into each other's home market.