Google's third bet from its Africa Investment Fund is in logistics company Lori Systems
Lori Systems, an African on-need logistics and trucking visitor digitizing haulage and providing shippers with solutions to manage their cargo and transporters, has raised a pre-Series B round in which Google participated along with other existing investors. Sources say the company raised at a slightly higher valuation than its last $110 1000000 valuation in 2020.
This undisclosed investment is Google's third from the $50 million Africa Investment Fund targeted at the continent's early- and growth-stage startups, which the company CEO Sundar Pichai appear concluding October. The fund is part of Google's programme to invest $ane billion in "tech-led initiatives" over the adjacent 5 years. The news also comes off the dorsum of the launch of Google's first production development center on the continent, in Nairobi, Republic of kenya, the metropolis where Lori Systems first launched.
Final December, Google announced its first investment in Ugandan super app SafeBoda. During the announcement, Nitin Gajria, the managing managing director of sub-Saharan Africa, said that the Africa Investment Fund wouldn't restrict itself to specific verticals or regions. "We are focusing on investments where we believe that Google could add together value. If founders are building interesting products solving real challenges in Africa, that would fall squarely within our investment thesis," he added.
The post-obit month, the fund participated in South African games publisher and studio Carry1st's $xx million Series A extension round led by a16z. With its most recent investment in Lori Systems, a Google spokesperson — when quizzed about the fund's investment strategy because its investments have come from iii dissimilar sectors — told TechCrunch that the Africa Investment Fund has an center for startups that information technology has a strategic overlap in key verticals, including fintech, logistics, e-commerce and local language content.
Image Credits: Lori Systems
In Africa, more than $180 billion is spent annually on haulage, and logistics account for more than seventy% of a production's price, according to reports. For comparison, information technology's 6% in the U.S. The influence of logistical operations on products leads to various issues for operators, from inconsistent pricing, which stems from a fragmented supply and demand market, to paper documentation and little or no access to financing.
Companies similar Lori solve such problems and reduce costs with their on-demand logistics and trucking marketplaces, which connect shippers to transportation, assistance them move cargo, extend working upper-case letter facilities and provide them with software to manage their operations. Lori, in a statement, said it has helped thousands of shippers and carriers motion over $x billion worth of cargo beyond the continent since launching in 2016.
Google’due south third bet from its Africa Investment Fund is in logistics visitor Lori Systems View Story
Source: https://www.techbignews.com/article/google8217s-third-bet-from-its-africa-investment-fund-is-in-logistics-company-lori-systems
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