TLDR:
- African logistics startup, Logidoo, has secured $1.55 million in seed round funding
- The funding round was led by a consortium of venture capital firms from Morocco, Tunisia, Kenya, Nigeria, Egypt, and Japan
- Logidoo aims to address low intra-African trade by focusing on cross-border logistics
- The company has already achieved positive EBITDA status and expanded its franchise network to 5 additional African countries
Logidoo, an African logistics startup, has successfully closed its seed round funding, securing $1.55 million. The funding round was led by a consortium of venture capital firms, including Maroc Numeric Fund II from Morocco, 216 Capital from Tunisia, Gullit VC from Kenya, Founder Factory Africa from Nigeria, Sunny Side Venture Partners from Egypt and Japan, and Kalys Ventures from Morocco. According to a press release, this investment demonstrates market confidence in Logidoo’s innovative approach to tackling the challenge of low intra-African trade. By focusing on cross-border logistics, Logidoo aims to go beyond being just a logistics provider and contribute to the realization of the African Continental Free Trade Area (ZLECAF). The press release highlights that the company has already aggregated over 3,000 logistics providers, completed more than 100,000 operations, served over 400 customers, and established a presence in 8 countries across Africa. It further emphasizes the company’s financial health and commercial acumen, as Logidoo achieved positive EBITDA status since January 2023, setting it apart from other capital-intensive logistics startups. In 2023, Logidoo expanded its franchise network to 5 additional African countries, solidifying its continental footprint.
