Amitruck, a Kenyan tech-enabled logistics platform founded in 2019 by Mark Mwangi, has raised $4 million in a seed funding round led by Better Tomorrow Ventures, a San Francisco-based venture capital firm, as it seeks to expand across Africa.
The round was completed nearly a year after the Kenya-based tech startup completed its pre-seed funding.
Amitruck has raised a total of $5 million from several strategic angel investors since it began operations nearly three years ago.
Dynamo Ventures, Rackhouse Ventures, Flexport, Knuru Capital, Launch Africa Ventures and Uncovered Fund are among the investors that participated in the recently completed round.
The startup revealed that the $4-million capital injection from investors will be used to drive strategic expansion, strengthen its technical, operations and sales teams and lay the groundwork for its entry into Tanzania and Uganda.
The plans for expansion come as the company looks to become the regional go-to platform for shippers and transporters doing in-country and cross-border business.
Mark Mwangi, the founder and CEO of Amitruck, stated in response to the round that its most important purpose is for hiring. “We are also improving our technology as we begin to expand into other African countries,” he said.
Amitruck’s database includes over 8,000 vehicles that have completed nearly 100,000 deliveries for more than 300 corporate clients in just over two years.
In an effort to build up its operations and deliver increased value to investors, the Kenyan startup saw its revenue increase 11 times in 2021, driven by fast adoption in Kenya.
It is now aiming for market dominance in Africa’s trucking and logistics market, which accounts for nearly 80 percent of all goods transported.
