Frankfurt (Germany) and Nairobi (Kenya), February 2022. GreenTec Capital is very pleased to report that Amitruck, our Kenya-based logistics-tech portfolio company, has closed a US$4 million seed round. Amitruck will use the funds to bolster its operations, technical, and sales teams supporting its expansion in East Africa.
The funding round was led by Better Tomorrow Ventures (BTV), with the participation of Dynamo Ventures, Rackhouse Venture Capital, Flexport Inc, Knuru Capital, Launch Africa Ventures, Uncovered Fund and a number of angel investors.
BTV’s general partner Jake Gibson said, “While the trucking and logistic business in Africa has grown tremendously over the years, the pace of innovation particularly in its administration has been slow. Amitruck’s solution is ideal for bringing the industry into the 21st century,” he said.
The funds raised will be primarily used to attract and onboard key personnel and further improve the platform’s technology as the company begins to expand into new geographies. Amitruck has grown impressively in Kenya, attracting more than 300 B2B customers including major companies such Unilever, L’Oréal, and Twiga, as well as plenty of B2C customers. The company has registered more than 8,000 vehicles on its platform and additionally boasts revenue growth 1,000% in 2021 from 400% in the previous year. Amitruck has flourished, in part as COVID made apparent the need to digitize supply chain processes. The company is very well positioned to seize the opportunities presented with the implementation of the already signed African Continental Free Trade Area (AfCFTA) which will create the world’s largest single market.