Nigerian logistics startup Kobo360 accepted into YC, raises $1.2 million

While a probe into the Nigerian Logistics the startup Kobo 360 for Y Combinator’s 2018 outfit a query to Obi Ozor the founder. “‘What’s holding you back from becoming a Unicorn?’ they asked. My answer was simple: ‘working capital,’” said Ozor.

The YC’s 2018 class and gained a fragment of working capital in the form of $1.2 million in the pre-seed funding round lead. The Western Technology announced this week that the Lagos based Verod Capital Management also got into a collaboration to back the Kobo 360.

The UBER app that connects the Nigerian truckers with the freight companies requirements. The companies are bound to use the funds in order to pay drivers online after successful impedes. The Kobo 360 is also revealing the Kobo. Wealth investment network or the KoboWIN is a vehicle financing program that assists the Kobo drivers to finance new trucks and directly pay the installments over a period of 60 months.

Ozor said that the Kobo 360 created platform because of the lack of vehicle finance options for the truckers in Nigeria. “We hope KoboWIN…will inject 20,000…[additional] trucks on the Kobo platform,” – he told TNBC.

“We give drivers the demand and technology to power their businesses,” said Ozor. “An average trucker will make $3,500 a month with our app. That’s middle-class territory in Nigeria.” He added in context to the Kobo 360’s utility.

Formerly Ozor set up its grounds in Nigeria, prior to teaming up before life Oyodeli to co-found Kobo 360. The targeted 3PL in the primary stages. 3PL for Nigeria’s e-commerce, namely Jumia and Konga.

“We started doing last mile delivery…but the volume just wasn’t there for us, so we decided to pivot…to an asset free model around long-haul trucking,” said Ozor.

The YC’s summer will accept the Kobo 360 in the 18th batch that received $120K for an equity of 7 percent.

by Sawan Kumar on June 29, 2018

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