Kenyan Fulfillment and Logistics startup Sendy has received funding from MOL PLUS the Corporate Venture Capital of Japanese transport firm Mitsui O.S.K. Lines (MOL).
The new funding comes a few weeks after the startup restructured its operations, effectively winding down its Supply service to focus on Fulfilment Services.
The move comes after the firm failed to raise $100 million funding it had targeted to get this year which has also seen the firm lay off 20% of its workforce.
MOL PLUS has joined existing Sendy investors as part of the new undisclosed investment round to help scale the company’s Fulfillment services in Kenya, Uganda, Nigeria, and Cote d’Ivoire.
“The opportunities to improve logistics and supply chain inefficiencies across Africa are great. We believe our financial and operational partnership with MOL PLUS & MOL Logistics Co., Ltd.(MOL Logistics) will drive a huge impact not only for the growth of Sendy and its fulfillment network but also for the Merchants we serve as we continue to offer more value add and solutions to help them grow and trade more. We will work with MOL Logistics to leverage their strengths and expertise in logistics and cross-border fulfillment, to grow our services and network of businesses we serve. ” Mesh Alloys, Founder and CEO of Sendy.
MOL Logistics provides integrated logistics and supply chain solutions for businesses across the world. MOL PLUS, a corporate venture capital fund of MOL, invests in high-impact companies around the world that transform business models in ocean shipping business and logistics.
“We were very specific in choosing to invest in Sendy because of the solution that they offer; we share a common goal. We all want to democratize logistics and support businesses in Africa to move their goods reliably and affordably. We look forward to an exciting partnership with the company as we forge this joint mission. We endeavor to work with partners with innovative ideas like Sendy through creating synergies and collaborations that will generate value,” Takuya Sakamoto, Representative of MOL PLUS.
The coming together of Sendy and MOL paves the way for great synergies that will simplify logistics for business. MOL will partner with Sendy to provide its customers in shipping and freight with additional mid-mile and last-mile services.
Read also; Sendy Receives Global Funding to Penetrate Africa’s Market.
