African on-demand trucking logistics company Lori Systems has raised a Series A round led by Chinese investors Hillhouse Capital and Crystal Stream Capital.
Lori Systems is not disclosing the amount of the Series A. DealStreet Asia reported the round amount at $30 million earlier Friday, but Lori Systems’ CEO Josh Sandler would not confirm that. That figure was “something lost in translation” and “a mischaracterization of the raise,” he told TecCrunch on a call.
The company issued a clarification to initial reporting in a Medium post. On the reason for the non-disclosure, “Lori has never released fundraising details as we feel it is a vanity metric that distracts from what matters most: our mission of lowering the cost of goods in frontier markets,” Lori Systems co-founder Jean-Claude Homawoo told TechCrunch.
A recent Financial Times piece pegged Lori’s total funding raise at $20 million. In an SEC Form D filing in June Lori Systems issued $29 million in equity, though details weren’t given to which parties.
Founded in Kenya in 2016, the company provides mobile-based on-demand trucking logistics services through an Uber -like network of drivers and merchant partners. Lori Systems has operations in East Africa in Kenya and Uganda.
The company expanded to Nigeria in September 2019, where it faces a competitor in trucking logistics company Kobo360.
“We are using the round to ramp up operations, build up our technology, and hire a best in class team…that can drive a global revolutions in logistics,” Lori Systems CEO Josh Sandler said.
Lori Systems won Startup Battlefield Africa in 2017.
LIVE: We're live with Chris Cox, former Chief Product Officer, Facebook, from our #WIRED25 summit in conversation with WIRED senior writer Lauren Goode.n
Posted by WIRED on Friday, November 8, 2019