Kenyan logistics startup Lori Systems has secured funding and support from Imperial, an African and European-focused provider of integrated market access and logistics solutions, to expand its product across Africa.
Founded in 2016, Lori Systems provides supply chain management solutions to cargo owners, ensuring flexibility, reliability and cost savings.
The startup opened operations in Uganda, Rwanda and South Sudan in 2018, and last year expanded to Nigeria. It is also a serial fundraiser, bagging a sizeable Series A round last year, and has now taken on further investment as part of its strategic partnership with Imperial.
The Imperial Venture Fund, managed by Newtown Partners – a US-based venture capital firm – made the investment in Lori Systems to support its growth in East and West Africa, while their partnership in the Southern African Development Community (SADC) region will help develop and enhance Africa’s road freight industry through digital innovation and enablement.
Lori co-founder and chief executive officer (CEO) Josh Sandler said the partnership with Imperial was validation of the company’s vision of a new era of digitally-enabled and efficient logistics, not only in Africa but in frontier markets more broadly.
“As a leading African logistics and market access player, innovation is at the heart of Imperial, and we couldn’t be more proud to partner with an industry veteran that embraces this digital disruption while expanding Lori’s reach across Southern Africa,” he said.
Mohammed Akoojee, group CEO of Imperial, said Lori solved a real problem when it comes to matching volatile demand and reliable supply in Africa’s highly fragmented road freight industry.
“As a business that is focused on efficient and innovative logistics and market access solutions, this is a crucial business investment for Imperial and the continent. Investing in Lori Systems will enable the creation of further business opportunities in Africa and provide efficiency for Imperial’s clients and transport operators with whom we collaborate,” he said.