Lori Systems, a Kenyan logistics startup that provides shippers with digital solutions to efficiently manage their cargo and transporters, has secured funding from Google. This investment comes from Google’s $50 Million Africa Investment Fund, announced back in October 2021.
Founded in 2016, Lori Systems lowers the cost of goods by eliminating pain points along the cargo journey: seamlessly connecting shippers to transportation, providing shippers with solutions to efficiently manage their cargo and transporters, and digitising their entire transport operations from sourcing transportation to documentation and payments.
Nitin Gajria, Google’s Managing Director for Sub-Saharan Africa says Lori Systems is a great example of how technology can be scalable across Africa, and how, in turn, can drive meaningful economic development.
“We’re excited to see where the future takes a business like this. Google understands the transformative power digitisation can bring to the African continent. There is so much potential in the region, but it’s only through innovation that this can be fully unlocked,” he adds.
Lori Systems CEO Uche Ogboi says they are excited to have Google as a partner adding “this funding will allow us to continue driving superior efficiencies across logistics on the continents. Our vision of the future of logistics in Africa is one that is digital, scalable and more efficient. We have been successful, achieving up to 20% price reduction for cargo owners and nearly 2x increase in truck utilisation for transporters on our platform.”
Jean-Claude Homawoo, Lori Systems Co-founder & CPO, comments, “In recent years the global logistics industry has seen much innovation. However global supply chains are in dire need of modernisation, with technologies yet to reach critical scale. On the continent, the African Continental Free Trade Area (AfCFTA) is expected to lead to an 81% increase in intra-African trade, providing a $21.9 Billion opportunity in untapped trade potential that the 54 ratifying countries are hoping to capitalise on over the next 5 years. Logistics is key to unlocking this opportunity.”
