Sendy, a Kenyan On-demand logistics startup, has raised $20 million Series B investment led by Atlantica Ventures.
Asia Africa Investment, Sunu Capital, Enza Capital, Vested World, Kepple Capital and Toyota Tsusho Corporation, the trade and investment arm of Toyota, also participated in the investment round in Sendy.
Launched in Nairobi in 2015 by Mesh Alloys alongside Kenyans Evanson Biwott and Don Okoth and American Malaika Judd; Sendy’s user-focused technology platform helps cut logistics costs by simply and transparently connecting individuals and businesses to third party delivery drivers across Africa.
Sendy was the first company to offer an on-demand delivery platform in East Africa and while it currently has offices in Kenya, Uganda and Tanzania, it plans to cover all of the region in the near future.
In its first year, Sendy completed 12,000 deliveries, had 27 drivers on its platform and revenues totalled USD 45,000.
Today, Sendy has now completed over 180,000 deliveries, has more than 700 drivers on its platform and posted revenues of USD 1.5 million.
This latest investment follows the $2 million Series A funding it received from Goodwell Investment in October last year.
Meanwhile, Sendy plans to use this latest round to expand to West Africa in 2020
In addition, Sendy will invest its Series B funding in new hires and to upgrade its technology.
The African logistics business appears to be gathering a lot of interests from VCs and fund managers even though this can’t be compared to the level of attention given to fintech.
With Sendy raising its own funding round and its plans to launch in West Africa, the competition in the African logistics market moves up another notch.