Finance

Kenya’s Amitruck welcomes Dynamo Ventures and Plug Play Ventures onboard

Monday, 22 February 2021 16:27
Kenya’s Amitruck welcomes Dynamo Ventures and Plug Play Ventures onboard

(Ecofin Agency) - Kenyan logistics platform Amitruck will obtain an undisclosed pre-seed investment as part of an operation led by two U.S. companies, Dynamo Ventures, and Plug and Play Ventures.

“Amitruck is facing increasing demand and we need to expand our platform. We have added several very large accounts including Jumia, Kenya’s largest e-commerce player,” said CEO Mark Mwangi (pictured).

The company claims to have achieved growth of more than 300% in 2020, despite the effects of the covid-19 pandemic. Also in 2020, it benefited from significant financial support from Germany's GreenTec Capital, which contributed its expertise and networks to support Amitruck in achieving its strategic objectives.

The logistics startup plans to leverage the experience and knowledge of its new partners Dynamo Ventures and Plug and Play Ventures to develop and grow the company in Kenya and East Africa. The arrival of these investors is a positive sign in terms of investment for the logistics sector in Kenya. However, the nature of the financing committed reflects the caution of foreign investors who are not risking greater investment in the sector, especially in this period of crisis.

Chamberline Moko



 
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