Lori Systems raises Ksh. 3 Billion in a Series A round of funding

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Lori Systems an on demand trucking logistics company has reportedly raised $30 Million in a Series A round of funding that was led by Hillhouse Capital, Crystal Stream Capital, EchoVc, Flexport CEO Ryan Petersen and Nigerian founder Iyinoluwa Aboyeji.

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, it also expanded operations to Nigeria in September this year.

For cargo owners, offers transporters who have been vetted, verified, successfully onboarded, and constantly rated on performance. For transporter partners, Lori optimizes truck and asset utilization for on-boarded trucks by up to 5 times through access to its pool of cargo owners and with quicker turn-around times. Lori also offers access to working capital in the form of fuel financing and insurance so that there is no delay in getting trucks on the road.

In July, Lori announced the appointment of new leadership to drive the company’s expansion efforts across Africa. The company appointed Uche Ogboi as the company’s Chief Operating Officer (COO) and Efayomi Carr as Head of Strategic Finance effective 29 July 2019.

Lori Systems CEO Josh Sandler, had this to say, “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.”

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