Moroccan logistics startup Logidoo secures $1.55m seed funding
TLDR
- African logistics and e-commerce platform, Logidoo, secures USD 1.55M in seed funding from renowned venture capitalists.
- Logidoo, founded in 2019, provides logistics services and real-time parcel tracking through its online platform.
- The company plans to expand its franchise network to five additional African nations with the newly acquired funding.
Logidoo, an African logistics and e-commerce space, has announced a significant seed funding boost of $1.55 million. The investment was led by a renowned consortium of venture capitalists, including Maroc Numeric Fund II, 216 Capital, Gullit VC, Founders Factory Africa, Sunny Side Venture Partners, and Kalys Ventures.
Logidoo, founded in 2019 by Tamsir Ousmane Traore, is an online platform that offers logistics services and real-time parcel tracking. It has also introduced more executive roles to the team, like the CFO and COO. Logidoo specializes in cross-border end-to-end 5PL logistics.
The news comes after Logidoo announced plans to expand its franchise network to five more African nations with the help of fresh funding.
Key Takeaways
This funding round represents a significant milestone for Logidoo, underscoring the market's confidence in its innovative strategy to tackle a key challenge in Africa: the relatively low intra-regional trade compared to other regions like Asia and the EU. By concentrating on "cross-border" logistics, Logidoo positions itself not only as a logistics provider but also as a forward-thinking company dedicated to realizing the goals of the African Continental Free Trade Area (AfCFTA). Logidoo has established itself as a "cross-border end-to-end 5 party-logistics (5PL)" provider, a term that encapsulates its pioneering approach and distinguishes it within the logistics industry, as stated by the company. Since its inception, Logidoo has demonstrated strong operational performance. It has onboarded over 3,000 logistics suppliers, executed more than 100,000 operations, served over 400 clients, and expanded its footprint to eight countries across the continent.
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