The deal is in partnership with Dynamo Ventures and Plug and Play Ventures with the funds being used to expand Amitruck business across East Africa.
Amitruck has secured an ‘undisclosed’ investment led by US – based Dynamo Ventures with participation from Plug and Play Ventures and a collection of strategic angel investors after completing the Google for Startups Accelerator Africa late last year.
The secured funds will be used to expand its business across East Africa. The company has since had a positive outlook in the year, growing revenues by over 300% despite COVID-19 crisis.
Speaking during the announcement, Barry Large – Dynamo Ventures representative said, “We are excited to be investing in Amitruck given the momentum it has achieved over the last 12 months particularly in light of the challenges associated with COVID-19. We see many similarities between Amitruck and Sennder which we invested in at a very similar stage of their lifecycle and I believe Amitruck has the potential to become equally as successful.”
Dynamo Ventures is a sector-focused investor, targeting supply chain and mobility startups internationally. Dynamo Ventures is noted for its early investment in Sennder, Europe’s largest digital freight brokerage that recently acquired Uber Freight’s European operations and raised $160M with a valuation in excess of $1B. Dynamo Ventures was founded in 2016, after the fund’s founders successfully exited Access America Transportation to UPS following its merger with Coyote Logistics.
Mark Mwangi, Founder and CEO of Amitruck commenting on the partnership said, “I look forward to working with Dynamo Ventures and Plug and Play Ventures who alongside their investment brings a huge amount of experience building and scaling companies and access within the logistics sector.”
Plug and Play Ventures is a seed and early-stage venture capital firm focused on investing in emerging growth companies. This is the venture arm of Plug and Play, an innovation platform, bringing together start-ups and the world’s largest corporations.
“We are extremely excited to invest in Amitruck. We are impressed by its incredible growth and ambitions. Amitruck brings efficiency and transparency to the supply chain and we are convinced they will be able to lead the logistics market in Kenya and East Africa.” said Alberto Anton, Analyst for Plug and Play Ventures.
Launched in 2019 in Kenya, Amitruck is a trucking logistics marketplace that brings trust, transparency, and efficiency by connecting truckers with shippers using its web and mobile application, side stepping middlemen and brokers.