Imperial Venture Fund announced an investment and partnership with e-logistics firm Lori Systems, to expand its solutions across the continent. According to a press release from the startup, the investment will support Lori’s growth in East and West Africa, enhancing Africa’s road freight industry through digital innovation.
Lori CEO and Co-Founder Joshua Sandler affirms that the partnership is a validation of the 3-year-old company’s vision of digitally enabled and efficient logistics in Africa and frontier markets.
“As a leading African logistics and market access player, innovation is at the heart of Imperial, and we couldn’t be more proud to partner with an industry veteran that embraces this digital disruption while expanding Lori’s reach across Southern Africa.”
CEO Joshua Sandler
Mohammed Akoojee, Imperial Ventures Group CEO, says the investment will create more business opportunities in the continent and provide efficiency for its clients and transport operators.
“As a business that is focused on efficient and innovative logistics and market access solutions, this is a crucial business investment for Imperial and the continent. Investing in Lori Systems will enable the creation of further business opportunities in Africa and provide efficiency for clients and transport operators with whom we collaborate,” said Akoojee.
Lori’s Expansion Plan
The startup expanded operations in Uganda, South Sudan, and Rwanda in 2018, partnering with Kenya’s Standard Gauge railway to move grains between Kenya and Uganda. According to a Disrupt Africa report, the startup cut direct costs of moving bulk grains in Uganda by 17%.
The logistics startup ventured into Nigeria in May 2020, after a 10 month pilot period. The fresh funds and partnership will expand its scope in more countries, eyeing other frontier markets beyond the continent with similar logistics challenges.
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