Nigerian freight logistic start-up company, Kobo360 has raised $30 million (approximately ₦11 billion) funds. The Series A round of fund was led by American company Goldman Sachs with $20 million (approximately ₦7.3 billion). The company raised the other $10 million (approximately ₦3.65 billion) as working capital finance from Nigerian commercial banks.

Kobo360 is a logistics company that runs a truck hailing service. It has an app that connects trucks and companies to delivery services. The company operates very much like cab-hailing service, Uber or bike hailing services like Gokada.

It will use these newly acquired funds to expand the reach of the platform to 10 new countries. It will also make moves to upgrade the platform and operations of the company. Presently, the company operates in four African countries – Nigeria, Ghana, Togo and Kenya.

The start-up launched two years go in Lagos and has gradually seen an increase in its customer base. It also got some Venture Capital VC backing and experienced an increase in product offering. Kobo360 says it has a fleet of over 10,000 drivers and trucks on the app. They name Unilever, DHL, and Honeywell as some of their biggest clients.

In addition to these, the app comes in various languages like Hausa, English and Pidgin. Kobo360 has a capital finance program for its drivers – KoboSafe insurance product, KoboCare and KoPay. According to the founders, Ife Oyodelo and Obi Azor the company prioritises their driver’s welfare.

However, a portion of this $30 million will be used to build a Global Logistics Operating System called GLOS for Kobo360. GLOS is a blockchain-enabled platform that will help the company move to more supply-chain services.