Frankfurt (Germany) and Nairobi (Kenya), April 2020. GreenTec Capital is very pleased to announce our investment in Kenya’s Amitruck. Amitruck is an innovative mobile and web based trucking logistics platform that brings together cargo owners and transporters for their mutual benefit.
Logistics spending in Africa by manufacturers and retailers has crossed the $160 billion mark back in 2018 and keeps growing. However the sector across the continent suffers from fragmentation and lack of transparency. According to a study by the United Nations Economic and Social Council, in accessing foreign markets, on average, Africa’s transport and insurance costs represent 30 per cent of the total value of exports. By matching cargo owners with trucking logistics professionals through a digital competitive bidding process, Amitruck brings trust and transparency into the African logistics sector. Amitruck’s solution cuts out expensive middlemen whilst increasing security as all drivers and vehicles are vetted and goods in transit insured.
“Logistics is a significant challenge in Africa and the current crisis is only making this more obvious. Amitruck’s solution has the potential to tackle the fragmentation and lack of trust in the sector while enabling capacity growth by increasing driver and truck owner accessibility to the broader market. We are extremely proud to be kicking off this long-term collaboration with Amitruck’s team” Maxime Bayen, Senior Company Builder at GreenTec.
“With a presence in Germany and in Africa, Greentec is an ideal partner as we continue to scale our business” said Mark Mwangi CEO of Amitruck. “We’re excited to have a partner on board that provides vast strategic experience in our market.”
Amitruck has already demonstrated impressive traction and has a strong team prepared to take the company forward. GreenTec will work closely with Amitruck to support the company’s growth plans and further scaling.