Lori secures $30 million Series A funding led by Chinese investors
African logistics platform Lori Systems that connects cargo owners with truck fleets, has secured nearly $30 million in a Series A round financing led by Chinese investors Hillhouse Capital Group and Crystal Stream Capital.
November 12, 2019: African logistics platform Lori Systems that connects cargo owners with truck fleets, has secured nearly $30 million in a Series A round financing led by Chinese investors Hillhouse Capital Group and Crystal Stream Capital. Apoletto Asia, the investment vehicle of DST Global's Russian billionaire founder Yuri Milner, Timon Capital, Raba VC, Endeavors Catalyst and others participated in the new round, according to a statement.
Launched in May 2017 in Kenya, Lori Systems, where the transportation costs account for 75 percent of product costs, compared to 16 percent in the US. The company offers services in East African countries including Kenya, Uganda, Rwanda, Ethiopia, South Sudan, and the Democratic Republic of the Congo. It also has a presence in West Africa's Ghana and Nigeria, where it officially forayed recently.
"As one of the first Chinese venture capital funds to venture into the African market, Crystal Stream Capital has conducted field visits and investigations to conclude that it is the best time to make investments in the region, due to Africa's rapid economic growth, demographic dividend, and booming mobile internet," said Wang Mengqiu, founding partner of Crystal Stream Capital, in the statement.
