Staff were laid off, debts piled up, and investors started whispering the unspeakable: write-off. The industry moved on, looking for the next big bet.

Kobo360 followed this well-worn path. At its peak, the logistics-tech startup raised $79 million in equity and debt financing. That’s not pocket change. Investors like Juven, a Goldman Sachs spin-off; the International Finance Corporation (IFC), and TLcom Capital backed the company. 

But this isn’t just a Kobo360 story. It’s the playbook of many African startups that have sprinted into the unknown with venture capital fuel. The problem? Scaling isn’t just about speed—it’s about control. And Kobo360, once called the “Uber for Trucks,” is now a case study in what happens when a business runs faster than its balance sheet.

Oluwatoyin Olufon, founder of Techy Accountant, laid out six necessary business principles that every founder should pin to their wall before touching a single investor dollar. 

Let’s break them down, not just for Kobo360, but for any entrepreneur who dreams of building a company that survives beyond the fundraising glorification.

1. A Solid Business Model is Non-Negotiable

“With this backdrop, I was particularly interested in Kobo360’s business model, which I still believe is solid.”

Olufon is right—Kobo360’s business model was solid on paper. Digitising freight logistics? Great. Aggregating 50,000 trucks? Impressive. But business models don’t live in PowerPoint slides; they live in execution.

If your model depends on external capital to survive, it’s not a business—it’s a financial experiment. Kobo360 paid truck drivers upfront while waiting 30 to 90 days for manufacturers to settle invoices. That’s like fronting drinks for friends at a bar, hoping they’ll pay you back in three months. When a bank partner cut off credit lines, the entire operation stalled.

2. Bank Loans are Not Your Friends

“If you haven’t perfected your financial management skills, steer clear of bank loans. Bank loans are like sharks – without a solid business foundation, you’ll struggle to keep up.”

Many startups treat bank loans like magic money. Kobo360 borrowed at least ₦10 billion, thinking revenue would catch up. But in Africa’s logistics sector—where margins are razor-thin and operational disorder is the norm—relying on debt is like using a candle to walk through a minefield.

The problem is that loans demand fixed repayments, but startup revenue is anything but fixed. Banks don’t care if your trucks are stuck at the border or if diesel prices have doubled. They just want their money back. And when that money doesn’t come, the sharks circle.

3. Blitzscaling is Not for Every Business

“Fast Scaling refers to rapid growth through aggressive marketing, hiring, and investment. Blitzscaling takes this a step further, prioritising market dominance and growth over short-term profitability.”

Blitzscaling worked for Uber. It worked for Amazon. But Kobo360 was trying to blitzscale an industry held together by bad roads, bureaucracy, and unreliable supply chains. Technology can solve many problems, but it can’t fix dishonest drivers, endless port delays, or unpredictable diesel expenses.

Some industries demand slow scaling. You test, refine, stabilise cash flow, and grow gradually. Scaling too fast without solving core structural issues is like building a skyscraper on quicksand—it looks commendable until it starts sinking.

4. External Factors Can Kill Even the Best Business

“When operating in an industry with factors beyond your control (like dishonest drivers, insecurity, bad road infrastructure, seaport bureaucracy and unfavourable receivables days), it’s best to adopt slow scaling. Technology can’t fix these external issues, and rapid growth will only amplify them, reducing your runway and increasing your burn rate.”

Olufon highlights an uncomfortable truth—some industries are hostile to startups. No matter how brilliant your idea is, if the ecosystem isn’t ready, you’re in for a fight.

Take e-commerce in Nigeria. Jumia and Konga struggled for years because logistics costs ate into profits. Compare that to fintech, where Paystack and Flutterwave thrived because their business models weren’t dependent on unpredictable supply chains.

Kobo360 tried to fix logistics with tech, but the problem was never just about tech. It was about cash flow, infrastructure, and unpredictable operational risks.

5. You Must Control Your Burn Rate

If venture capital funds your entire existence, you are not a business—you are a high-stakes gamble. Kobo360 expanded into Kenya, Ghana, Benin, and Burkina Faso in rapid succession, hiring staff, acquiring trucks, and spending aggressively.

Then the funding environment changed. Investors stopped prioritising scale and started asking for profitability. Kobo360 had no answer. By the time the company laid off 60% of its staff, the warning signs had been flashing for years.

The best businesses are those that can survive without external funding. If your model collapses the moment investors step back, you were never running a company—you were running on borrowed time.

6. Your Business is More Than Just You—Build Assets that Outlive You

“I sincerely hope Kobo360’s founding CEO can turn things around. I’m rooting for him. However, if a turnaround isn’t possible, I hope they consider alternative options beyond shutting down. Their proprietary technology is a significant asset that could be acquired and leveraged by another company, ensuring their innovation and investment don’t go to waste.”

Here’s where Kobo360 still has a chance. The logistics-tech they built is valuable. Even if the company as we know it disappears, the technology can live on.

Startups fail, but intellectual property can be repurposed, sold, or licensed. Amazon Web Services (AWS) was originally built to support Amazon’s own operations—now it’s a multi-billion-dollar business. Slack started as a gaming company before pivoting into workplace communication.

If Kobo360 disappears, its technology doesn’t have to. The real test of a founder goes beyond building a business, to knowing how to salvage value when things go wrong.

Kobo360’s founding CEO, Obi Ozor, is back, leading a tiny team of fewer than ten people. He’s reportedly seeking traditional financing and haulage partnerships to revive the company. But the details are murky, and the CEO position is still technically vacant.

What Every Entrepreneur Should Learn from This

Kobo360 isn’t the first startup to burn through millions and crash, and it won’t be the last. The real lesson here isn’t about trucks, but business fundamentals.

If you are building a startup today, ask yourself:

• Do I have a real business model, or am I just spending investor money?
• Can my business survive without external funding?
• Am I scaling at a pace my cash flow can support?
• What external factors could completely derail my business?
• If my company fails, do I have assets that can still create value?

Oluwatoyin Olufon’s six principles are warnings. Ignore them at your own risk.

Can Kobo360 survive without venture capital? The odds aren’t great. But if Ozor can rebuild with better financial management, sustainable scaling, and alternative funding models, there’s a chance.

Funding alone does not build a business. Founders who don’t learn this lesson will keep repeating the same cycle until they run out of second chances.

The company, founded in 2019, is now being investigated by the Lagos Inland Revenue Service (LIRS) and the Economic and Financial Crimes Commission (EFCC). 

Per TechCabal, the investigations have led to the departure of several clients in 2024, including Moniepoint, Paystack, and Kobo360.

The allegations against Bento include forging tax receipts, delaying pension contributions, and other financial discrepancies. Sources familiar with the matter revealed that former clients are particularly concerned about Bento’s management of their tax and pension remittances. 

Fuelmetrics, a digital inventory management company, has accused Bento of owing ₦50 million ($108,000) in unpaid taxes and pension contributions between 2023 and 2024. “LIRS made us understand that there is an ongoing investigation on Bento and that we are not the only company affected in this scam, dating from 2023 till date,” Fuelmetrics said in an internal memo.

In response to the allegations, Bento’s CEO, Ebun Okubanjo, admitted that the company had received complaints regarding unpaid taxes. He assured that the company is addressing the issue and plans to settle outstanding obligations. 

However, Okubanjo downplayed the extent of the problem, claiming it affected “a very small percentage of Bento users, who happen to be very vocal in the tech ecosystem.” 

Even with this, sources have shown doubts about the company’s ability to manage client funds effectively, pointing to delays in remitting payments, some lasting up to ten months.

An unnamed former employee of Bento Africa alleged that Okubanjo deliberately delayed pension and tax payments despite the availability of client funds. According to the ex-employee, internal documents show that the company’s processes led to payments being delayed for long periods. 

Okubanjo, however, attributed these delays to the manual nature of Bento’s payment system and insisted that payments are made promptly once discrepancies are identified.

Despite these assurances, Bento’s internal processes have been questioned by industry experts. An HR-SaaS expert remarked, “It is uncommon to hear of payment glitches that last a calendar year,” adding that such delays suggest deeper systemic issues. Bento’s past controversies also increase doubts. 

In 2023, Okubanjo was criticised for allegedly creating a toxic work environment, leading him to step aside from people-related decisions temporarily.

Bento Africa has tried to address some of these challenges by lobbying for a direct API integration with Nigeria’s tax and pension systems, which they claim would simplify payment reconciliation. However, Okubanjo admitted that these efforts had not yet succeeded, leaving many clients frustrated.

The company’s difficulties have been compounded by an inability to provide clients with the detailed records required for reconciliation. For example, when Kobo360 spoke about missing pension payment receipts, Bento reportedly obstructed an EFCC investigation by refusing to provide the necessary records. 

The investigation revealed a shortfall of over ₦20 million in pension funds during the five years the company worked with Bento.

Bento’s CEO, however, has remained defiant. He claimed that only a few clients request regular short-term records for reconciliation and that such requests are difficult and expensive to fulfil due to the manual processes involved. 

Okubanjo also claimed that Bento’s transition towards serving small and medium enterprises (SMEs) was a deliberate move to reduce reliance on venture-backed startups, which are more vulnerable to funding downturns.

Nonetheless, with the ongoing investigations and the loss of key clients, Bento claims that it remains profitable, processing between ₦4-5 billion ($2.6 million) in salaries monthly. However, insiders remain wary of the company’s future, given the issues about its ability to effectively manage tax and pension obligations.

Developed in 2024, HaulSight is a strategic shift for Kobo360, stimulating the company’s move from a truck-hailing platform to a pure software solution aimed at helping large enterprises optimise their fleets without the complexities of truck sourcing, driver management, or handling in-transit cargo liabilities.

Unlike its original platform, which connects cargo owners with truck operators, HaulSight focuses solely on providing businesses with tools to track fleets, plan routes, and access invoice discounting. 

This innovative service targets companies with extensive in-house fleets, such as Flour Mills, Dangote, and Unilever, which have long relied on Kobo360’s logistics arm for efficient transportation solutions.

The launch of HaulSight comes when truck drivers in Kobo360’s network are facing shrinking profit margins due to rising fuel prices. The company has been forced to adjust its commission structure in response to these financial issues. 

Unlike the consumer-oriented taxi-hailing sector, where companies like Uber have increased their commissions over time, Kobo360 has seen a reduction in its commission from 20% in 2019 to 8% in 2021. 

This adjustment reiterates the challenge for logistics startups in negotiating favourable terms with corporate clients who need to balance cost-efficiency with service quality.

Kobo360’s services are powered by over 50,000 truck owners and delivery partners, enabling it to move over 9 billion kilograms of goods across Africa. 

The company operates in 7 countries, including Nigeria, Ghana, Kenya, and Côte d’Ivoire, and serves over 700 businesses.

These businesses span a range of industries, including FMCG, oil and gas, chemicals, and agriculture, among others.

Fleet management software like HaulSight brings an opportunity for Kobo360 to tap into a new revenue stream. In focusing on corporate clients and micro-fleet operators, the company can bypass some of the challenges faced in its truck-hailing model. 

Experts in the industry, including Alex Adenuga, CEO of Movam, note that such software can lead to cost savings for companies, especially those managing expensive fleet assets like trucks. 

However, the market for such solutions is not large enough to generate the rapid growth typically expected by venture-backed firms, making long sales cycles and client retention key challenges.

Kobo360’s established relationships within the B2B logistics sector, having been active in the field since 2017, give it an edge over newer competitors in fleet management software. 

The company’s deep ties with large enterprises may help accelerate HaulSight’s adoption, although some companies may be hesitant to switch from their current fleet management providers due to the high switching costs involved.

In a competitive market, HaulSight faces competition from both local and international software providers who charge varying rates per vehicle. 

However, Kobo360’s long-standing reputation and proven track record in the logistics space offer a unique selling point for HaulSight in the fleet management sector.

Kobo360 has created over 150,000 jobs and continues to grow its reach in the African logistics space. With HaulSight, Kobo360 aims to help businesses simplify their fleet operations, reduce inefficiencies, and ultimately drive cost savings.

Her resignation, which she disclosed during a company-wide meeting on 29 October, follows a period of expansion, but financial challenges for the company. 

Mugambi’s tenure as CEO began in August 2023 after the departure of co-founder Obi Ozor, who left to assume a governmental role as Commissioner for Transportation in Enugu State.

Ciku Mugambi initially joined Kobo360 in 2021, moving from her role at the International Finance Corporation (IFC), where she was Chief Operating Officer (COO). 

Her elevation to CEO brought hope for stability and growth, but economic pressures from the pandemic and investor reluctance hampered Kobo360’s fundraising efforts. 

The company had faced particular issues in securing funds for its Series B round, a challenge that preceded Mugambi’s leadership.

Founded in 2017, Kobo360 quickly established itself as a key logistics partner for companies like Dangote, Unilever, and Flour Mills. 

With early investments, including $6 million in a seed round led by IFC in 2018 and a $30 million Series A round in 2019, Kobo360 built its reputation on providing efficient truck access across Africa. 

However, as the logistics industry struggled globally, Kobo360’s fundraising setbacks deepened, and attempts to close the anticipated $50 million equity round in 2021 failed to materialise.

Under Mugambi’s leadership, the company reportedly managed to break even in its Nigerian operations—a good achievement—but challenges in accessing fresh capital continued. 

During her resignation announcement, Mugambi subtly acknowledged the financial limitations Kobo360 faced, particularly in raising new investments. 

Now, Kobo360 is expected to reveal its new leadership soon and hopes to address its funding challenges while adapting to the evolving logistics sector across Africa.

The headline session will feature a fireside conversation with Julia Collins, who will share valuable insights on her experience as a successful serial tech entrepreneur. The event is expected to be the largest gathering of women in tech in Africa.

With the current global macroeconomic environment in mind, the theme for the 2023 Africa Tech Female Founder Summit is Building Resilience: Adapting to New Realities, which addresses head on the challenges African founders and operators are currently facing, as well as providing timely and practical advice and support from experienced global and African business leaders.

Julia Collins, the first black woman to build a unicorn, will give this year’s keynote, as well as host a masterclass session on Getting to Product Market Fit.

Julia is now building Planet FWD, a leading decarbonization platform for consumer companies.

She will be joined on the day by Cikü Mugambi [Kobo360], Enas Siam [FlexStock], and Thomas Njeru [Pula], who will hold a panel on “When the going gets tough”, whilst Tokunbo Ishmael [Alithea Capital] will discuss the Importance of Investing in Women.

In addition, this year, the Africa Tech Female Founder Summit will host a number of masterclasses held by TLcom Partners such as Eloho Omame, as well as a special focus on Building and leveraging Networks by leading Executive Visibility expert Glory Edozien.

Having hosted the summit with 150+ African female founders and operators in Nairobi in 2022, this year sees the event move west to Lagos, Nigeria.

Applications to attend the event are now open.  

Speaking on the upcoming event, Omobola Johnson, Senior Partner at TLcom Capital, says,

“2023 has been a challenging year for founders across the continent, so this year we will be gathering our community of women in tech in Africa to share experiences, learn from experts in their fields and develop coping tactics that will help build resilient businesses to weather this current climate. We want to discuss in depth what resilience means and how it can be infused into businesses, their leaders, and their teams.” 

Andreata Muforo, Partner at TLcom Capital, adds,

“At this year’s Africa Tech Female Founder Summit, we will not only be discussing business survival but also business growth; there are opportunities for founders, even during more turbulent economic times. We’re excited to be hosting the continent’s largest gathering of women in tech, bringing some truly experienced and inspiring speakers to the table. We want all attendees to leave with not only a vision and renewed sense of community support but also with actionable insights that will benefit their businesses”.  

TLcom’s TIDE Africa Fund II, which is one of the most active funds across Africa, boasts a leadership team which is 60% female.

The firm has actively supported female founders not only through its annual summit but notably through its track record of investing in some of Africa’s top female-led startups, such as Okra and Pula. In 2022, TLcom also doubled down on its drive to address the severe funding gap for Africa’s female tech entrepreneurs with a co-investment commitment to support the launch of FirstCheck Africa’s debut fund.

Currently, TLcom manages total commitments of approximately $350mn and holds several African startups in its portfolio, including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pastel, Pula, Seamless HR, Shara, Terragon Group, Twiga Foods, uLesson and Vendease.

With an on-the-ground presence in Kenya and Nigeria as well as offices in the UK, the firm invests across all stages of the venture capital cycle with a focus on Seed and Series A.

TLcom also invests across a wide range of industries, including agriculture, education, fintech, data analytics and logistics, targeting high-growth, tech-enabled startups across Africa.

While Euromonitor International revealed that retail sales in Africa was $500 billion+ in 2018, African Development Bank projected that the industry would reach $1.3 trillion by 2020, and McKinsey & Company projected growth of $860 billion in 2015 to $1.4 trillion by 2025. This represents a compound annual growth rate (CAGR) of 5.8%. With the continent’s growing population and rising middle class, this sector is expected to continue expanding.

The retail industry in Africa is diverse and comprises both formal and informal retail. Informal retail makes up a significant proportion of the sector and includes markets, street vendors, and kiosks. Formal retail, on the other hand, includes shopping malls, supermarkets, and department stores.

The growth of the retail industry in Africa is driven by several factors, including population growth, urbanization, rising disposable incomes, and increasing consumer spending. The continent has a young and growing population, with a median age of just 19.7 years, which creates a large and growing consumer base. The pace of urbanization is also accelerating, with more Africans moving to cities and creating new markets for retailers.

Another key driver of growth in the African retail industry is the increasing availability and affordability of technology. Mobile phone penetration rates are high in many African countries, which has enabled the growth of e-commerce platforms and mobile money solutions. These technologies are making it easier and more convenient for consumers to shop online and pay for goods and services.

Successful retail African startups:

1. Jumia

Jumia is a leading e-commerce platform in Africa. It was founded in 2012 and is now present in 11 African countries. Jumia’s success can be attributed to its ability to adapt to the unique challenges of the African market. The platform offers a range of products, including electronics, fashion, and beauty, and has developed its payment and logistics infrastructure to overcome the challenges of delivering products in Africa.

2. Kobo360

Kobo360 is a logistics platform that connects truck owners and drivers with businesses that need to move goods. The platform uses technology to optimize the logistics process and improve efficiency. Kobo360 has been successful because it solves a significant problem in the African market, where logistics is often unreliable and inefficient.

3. Sokowatch

Sokowatch is a B2B e-commerce platform that enables small retailers in Africa to order products directly from manufacturers and distributors. The platform uses mobile technology to enable retailers to place orders and receive deliveries quickly and efficiently. Sokowatch has disrupted the traditional retail model by cutting out middlemen and reducing costs for retailers.

4. Farmcrowdy

Farmcrowdy is an agricultural platform that connects small-scale farmers in Nigeria with investors who provide funding for farming projects. The platform enables farmers to access capital, expertise, and resources, and investors to earn returns on their investments. Farmcrowdy has disrupted the traditional agricultural model by using technology to connect farmers with investors and increase efficiency.

5. Twiga Foods

Twiga Foods is a B2B platform that connects smallholder farmers in Kenya with urban retailers. The platform uses mobile technology to enable farmers to sell their produce directly to retailers, cutting out middlemen and reducing costs. Twiga Foods has disrupted the traditional supply chain by making it more efficient and profitable for farmers and retailers.

6. Alerzo

Alerzo is a retail Nigerian startup that aims to make shopping for everyday items more convenient and affordable for consumers in Africa. The company operates an online marketplace that offers a wide range of products, including groceries, health and beauty items, electronics, and more.

Alerzo leverages technology to streamline the shopping experience and reduce costs, which enables them to offer lower prices than traditional brick-and-mortar stores. The company also partners with local businesses to expand its product offerings and support the growth of small businesses in the region.

Despite the growth potential, the African retail industry still faces some challenges, such as poor infrastructure, logistical challenges, and a lack of formal retail space. However, innovative startups are emerging and using technology, e-commerce platforms, and logistics solutions to make retail more efficient and accessible in Africa. 

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The information and communication technology (ICT) sector in Nigeria has seen significant growth and development in recent years.

The National Bureau of Statistics (NBS) revealed that the sector contributed 18.44 per cent to the nation’s GDP in the second quarter of 2022. Experts argue that the country’s youth-dominated 210 million-strong population is driving demand for ICT products and services.

The government has made significant efforts to promote the development of the ICT sector and increase access to ICT infrastructure and services.

This has included initiatives such as the National Broadband Plan, which aims to increase broadband penetration in the country, and the National eGovernment Master Plan, which aims to increase the use of ICT in government operations and services.

Of course, there are several challenges that the Nigerian ICT sector faces, including a lack of reliable and affordable electricity, multiple taxations, regulatory bottlenecks, limited access to ICT infrastructure in rural areas, and a dearth of skilled ICT professionals.

Despite these challenges, the sector has continued to grow with the potential to play a significant role in the country’s economic development.

Looking ahead into 2023 here are potential trends that may shape the development of ICT in the new year.

1. Increased adoption of cloud computing:

As businesses in Nigeria look to reduce costs and improve efficiency, many will turn to cloud computing solutions to store and process data. There are a growing number of important players in this space including Rack Centre, Cloudflex Computing Services Limited, and Layer3Cloud among others.

2. Growth of the e-commerce industry:

Nigeria’s large and rapidly growing population and the adoption of mobile devices and internet access has made e-commerce more accessible. With improvements in electronic payment and logistics sectors, the growth trend is likely to continue into the coming years. Konga, Jumia and Jiji continue to show what is possible in this space.

3. Expansion of mobile broadband:

The proliferation of mobile broadband is expected to continue in Nigeria, driven by the increasing demand for data services and the roll-out of 4G and 5G networks.

The Nigeria Communications Commission (NCC) in 2021 granted 5G licenses to MTN Nigeria and Mafab Communications with Airtel joining the party this December. MTN is known to have rolled out services in certain cities. 2023 holds promises of more roll-outs and improved access to 5G services in general.

4. Rise of fintech:

The fintech industry in Nigeria has seen significant growth in recent years, and this trend is likely to continue as more people turn to digital financial services.

Reports suggest that there are over 200 Fintech firms in Nigeria rapidly helping to bridge the financial inclusion gap.

The fintech ecosystem covers businesses focused on mobile payments, digital banking, merchant solutions and personal finance among others. Interswitch, Flutterwave, Paystack, PiggyVest, Paga, and E-tranzact are some of the biggest players in this space.

5. Increasing use of artificial intelligence (AI):

The use of AI in various sectors, including healthcare, education, and agriculture, is expected to increase in Nigeria as the country looks to leverage technology to solve problems and improve services. The early players here include Lare Ayoola’s IoT Africa Networks Limited, Kobo360 and Data Scientists Network.

6. Growth of the outsourcing industry:

Nigeria’s highly educated workforce and lower labour costs make it an attractive destination for outsourcing. This trend is likely to continue as companies look to outsource certain business functions to save costs, improve productivity and boost profitability. Renda, Philip Outsourcing, and Workforce Group are leading players in this space.

7. Increased adoption of digital skills:

As the ICT sector continues to grow, there will be greater demand for individuals with digital skills. This trend is likely to drive the development of training programs and initiatives to help people acquire the necessary skills. Governments at different levels are making tremendous efforts in this space.

The National Information Technology Development Agency (NITDA) through its subsidiary, the National Center for Artificial Intelligence & Robotics (NCAIR) is training one million developers with a focus on Python for Machine Learning and Data Science.

The Lagos State Government has also commenced the Second Phase of the Eko Digital programme which aims to empower one million youths in the State with cybersecurity skills. Numerous other initiatives are ongoing in the private sector space.

ICT will remain a significant proportion of the economy in the foreseeable future. Human capacity development and infrastructure deployment will however dominate the ICT space in 2023.

Happy New Year in Advance!

The covid-19 pandemic boosted online purchases, simultaneously increasing the need for logistics and delivery startups. 

Entrepreneurs and corporate companies need to send supplies to customers conveniently and customers need to receive goods seamlessly. Startups working to ensure efficiency and effectiveness in logistics and delivery services are highlighted below:

1. GIG Logistics

GIG Logistics allows you send, track and receive goods with its seamless delivery service. The platform also allows shipping of goods from the UK and US to Nigeria and Ghana, as well as export to over 230 locations worldwide, with intra & inter-state delivery services.

The company efficiently handles deliveries for large corporations and deploys innovative delivery solutions for small businesses, domestic and e-commerce logistics, freight forwarding, haulage, warehousing, distribution, mailroom services and much more are included in its offerings.

2. Kobo360

With branches across Nigeria, Ghana, Ivory Coast, Kenya, Uganda and Burkina Faso, digital logistics startup Kobo360 aggregates end-to-end haulage operations. 

Since its inception in 2017, Kobo360 raised total funding of $37.3 million and is backed by investors including Goldman Sachs, International Finance Corporation, YCombinator, Asia Africa Investment and Consulting, TLcom, among others.

The company leverages big data and technology to reduce logistics frictions, empowering rural farmers to earn more by reducing farm wastages and helping manufacturers of all sizes to find new markets.

3. CourierPlus Services Limited

Focused on courier same-day delivery service, logistics for both individuals and corporate organisations, e-commerce, international express, specialised and custom solutions services, CourierPlus boasts of its speed and reliability. 

On a mission to ensure seamlessness in delivery and logistics services, CourierPlus has its core values to include customer-centricity, innovation, dynamism, excellence, integrity and community.

4. Gokada

Last mile courier delivery solutions company, Gokada launched in 2018 as a ride-hailing company in Nigeria and later included logistics; Gsend and food delivery services; GShop, to its service offerings. 

The company has raised $14.24 million on-demand motorcycle taxi service in order to solve some of Nigeria’s challenging problems in logistics and transportation.

5. Kwik Delivery

For individuals and businesses, Kwik Delivery’s user-friendly interface helps users manage parcels seamlessly. From small to large goods, Kwik Delivery’s got you.

The Lagos-based delivery company raised $1.7 million pre-Series A investment and has a total funding amount of $2.2 million from Rising Tide Africa Limited, Thorburn Investments Nigeria, UFP Fintech, Stefano Piotti, Yves Guillemot and several others.

6. MAX

Nigeria’s MAX has built two products to make logistics and delivery services all that customers want them to be. The MAX Go product offers everything transport operators would need to connect to customers in need of a ride, while the MAX Now product connects businesses and enterprises to needed delivery services.

MAX is the first company to design and customize electric vehicles, driving its adoption at scale for public transportation.

7.  African Courier Express 

Popularly known as ACE, African Courier Express is one of the logistics and delivery startups providing services to businesses and individuals.

The company has raised $3.3 million from investors such as Interswitch, Savannah Fund, EchoVC Partners and others. The tech-enabled logistics company has partnered with major e-commerce retailers to offer affordable and reliable movement of consumer packages across Africa.

8. Sendbox 

For local and international deliveries, Sendbox is available. Beyond this, the company also focuses on e-commerce and bill payments, helps companies increase visibility and grow sales, both online and offline, ultimately increasing income and optimising utilities.

Operating in over 200 countries, including Nigeria, the United States, Canada and the United Kingdom, Sendbox has reached over 10,000 merchants through iOS, Android, web, WhatsApp, Facebook, Instagram, other e-commerce platforms and developer APIs and asserts to have made over 200,000 deliveries since inception, 35%-40% being international.

9. SEND

Expanding beyond inland logistics, SEND operates in air and ocean freight, with adequate compliance to relevant regulations. 

The company manages the entire process of shipping cargo via Air and Ocean, from suppliers around the world to your destination, takes charge of customs clearance, trucking and warehousing and has raised total funding of $150,000 from YCombinator, Ventures Platform, Uncovered Fund and others.

10. TruQ

TruQ is an on-demand platform for all your moving and delivery needs, connecting people to the closest truck/van driver, smart, fast and easy.

The company’s partners include Taeillo, BuildDirect, Providus Bank, Car45, Stova Industries Limited, Kalvie and several others.

Last year, the 24-hour logistics service provider launched a web and mobile app to facilitate even more absolute delivery services across Nigeria.

11. ShapShap

Focused on making deliveries efficient, sustainable and scalable, ShapShap leverages a commission-based marketplace to provide on-demand delivery services across Nigeria.

The company carries out online ordering and same-day delivery of food, groceries, medicines, and packages with its mobile application which allows live tracking.

12. Errand360

Interestingly, Errand360 utilises bicycles and e-bikes to carry out its quick short errands and affordable delivery services, targeted at promoting eco-friendliness.

In March 2021, Errand360 was launched as the first Bicycle Community Delivery hub in Nigeria. The company offers services such as food deliveries, pharmaceutical product delivery, grocery purchase and delivery, document dispatch within the city, short errands, long errands, and messenger’s tasks.

13. Lori Systems

On a mission to ensure a decline in the cost of moving and delivering goods in Africa’s frontier markets, Lori Systems was built to enable the logistics space operate at an order of magnitude more efficiently and affordably than it does today.

The company’s benefits include increased brand visibility, quicker turnaround through proactive systems/data capture leading to more money, automatic and accurate invoicing, tracking, reliability, access to financing, among others.

14. Sendy

Kenyan logistics startup, Sendy is an on-demand platform that connects clients to drivers and vehicles for goods delivery.

Back by Toyota, Sendy has offices in Kenya, Tanzania and Uganda, with 5,000 vehicles on its platform, leverage for the movement of different types of goods. Its asset-free model inbuilt in its app allows the coordination of contract drivers who own their vehicles, while confirming deliveries, creating performance metrics and managing payment.

15. Moove

Asides the provision of revenue-based vehicle financing for mobility entrepreneurs in Africa, mobility fintech Moove Africa has an array of dispatch bikes for delivery services.

Having raised $23 million in Series A to scale operations across the African continent, Moove has made a fast growth from inception in 2019 till now.