Amitruck secures pre-seed funding for East African growth

Frankfurt (Germany) and Nairobi (Kenya), February 2021. GreenTec is pleased to report that Amitruck has announced significant undisclosed, pre-seed investments from two US based investment firms, Dynamo Ventures and Plug and Play Ventures, as well as from several other angel investors.

Amitruck, founded in Nairobi, Kenya in 2018, has continued to grow very quickly showing more than 300% growth in 2020 despite the effects of the global pandemic. The investment round was led by US-based Dynamo Ventures, which focuses exclusively on supply chain and mobility startups internationally. The firm is noted for its early investment in Sennder, Europe’s largest digital freight brokerage that recently acquired Uber Freight’s European operations and raised $160M with a valuation in excess of $1B. Plug and Play Ventures is a seed and early-stage venture capital firm that invests in emerging growth companies across multiple sectors.

Amitruck plans to leverage the depth of of the investors’ experience and knowledge and to put the funding to further build and scale the business after experiencing significant growth in 2020 during the pandemic. According to Mark Mwangi, Amitruck’s CEO, “Amitruck is facing increasing demand and we need to expand our platform. We have added several very large accounts including Jumia, Kenya’s largest e-commerce player.

Mark Mwangi spoke today about the importance of GreenTec Capital in Amitruck’s recent achievements.  “GreenTec has been instrumental to our development. As a start up in Africa, the environment is dynamic with its own challenges. The GreenTec team demonstrated amazing ability to roll up their sleeves and work with our team. The firm leveraged its vast regional knowledge, expertise and deep networks to achieve our strategic goals.”

GreenTec Capital, as an early investor in Amitruck, is extremely happy about the investment announcement, and the company’s recent successes. These successes have caught the eye of many other investors as well.  The company is currently conducting a Crowdlending campaign on Solylend that has raised more than 100,000 Euros from over 300 different investors. Amitruck has earned a number of accolades and success over the past year including being named one of Disrupt Africa’s the 12 African startups to watch in 2021.

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