Kenyan logistics startup Sendy secures $20 mn Series B led by Atlantica Ventures
Kenyan company Sendy, an on-demand platform that connects clients to drivers and vehicles for goods delivery, has raised a $20 million Series B led by Atlantica Ventures.
January 29, 2020: Kenyan company Sendy, an on-demand platform that connects clients to drivers and vehicles for goods delivery, has raised a $20 million Series B led by Atlantica Ventures. Toyota Tsusho Corporation, a trade and investment arm of Japanese automotive company Toyota, also joined the round.
Sendy’s raise comes within six months after Kobo360 raised $20 million Series A backed by Goldman Sachs. In November, Lori Systems hauled in $30 million supported by Chinese investors.
Those companies have plotted Africa expansions into each other’s markets and broader Africa. With its latest round, Sendy ups its competitive stance in the continent’s startup logistics space. The company plans to expand to West Africa in 2020, CEO Mesh Alloys told TechCrunch.
Alloys co-founded Sendy in 2015 with Kenyans Evanson Biwott and Don Okoth and American Malaika Judd. The startup currently has offices in Kenya, Tanzania, and Uganda with 5,000 vehicles on its platform that move all sorts of goods, according to Alloys.
Sendy offers services for e-commerce, enterprise, and freight delivery for a client list that includes Unilever, DHL, Maersk, Safaricom, and African online retailer Jumia.
The company uses an asset-free model, with an app that coordinates contract drivers who own their own vehicles, while confirming deliveries, creating performance metrics and managing payment.
The company plans to use its Series B funding for new hires and to upgrade its tech. “Getting better operational efficiency is super key so we’ll invest in engineering teams and data teams and deploying talent to improve the services that we give our customers,” said Alloys.
Sendy’s $20 round includes an R&D arrangement with Toyota Tsusho Corporation, whose investment comes from a venture arm the company established for Africa, called Mobility 54.
Asia Africa Investment, Sunu Capital, Enza Capital, Vested World, and Kepple Capital joined lead investor Atlantica Ventures on the $20 million round, which brings Sendy’s total funding to $29 million, according to Alloys.