Amitruck has announced an undisclosed investment led by US based Dynamo Ventures. The funding is with participation from Plug and Play Ventures and a collection of strategic angel investors. The funds will be used to expand Amitruck’s growing client base in East Africa.
Amitruck is a trucking logistics marketplace that connects truckers with shippers using its web and mobile application, side stepping middlemen and brokers. It was launched in Kenya in 2019.
The company has reported a growth in revenue by over 300% despite the COVID-19 crisis. After completing the Google for Startups Accelerator Africa late last year, Amitruck has since attracted investment from US-based investors Dynamo Ventures and Plug and Play Ventures.
Dynamo Ventures is a sector-focused investor, targeting supply chain and mobility startups internationally. It is noted for its early investment in Sennder, Europe’s largest digital freight brokerage that recently acquired Uber Freight’s European operations. Dynamo Ventures was founded in 2016, after the fund’s founders successfully exited Access America Transportation to UPS following its merger with Coyote Logistics.
“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,” said Barry Large from Dynamo Ventures who previously was a Board Director at Sennder.
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 startups and the world’s largest corporations.
On his part, Mark Mwangi, Founder and CEO “I look forward to working with Dynamo Ventures and Plug and Play Ventures who alongside their investment bring a huge amount of experience building and scaling companies and access within the logistics sector,” said Mark Mwangi, the founder and CEO of Amitruck.