Lori Systems,a Kenyan logistics startup has secured a pre-Series B round from Google along with other existing investors.
This undisclosed investment is Google’s third from the $50 million Africa Investment Fund which targets early- and growth-stage startups in Africa.
According to the company,the fund is part of Google’s plan to invest $1 billion in “tech-led initiatives” over the next five years.
Last December, Google announced its first investment in Ugandan super app SafeBoda and a month later it invested in the South African games publisher and studio Carry1st’s $20 million Series A extension round led by a16z.
Nitin Gajria, the managing director of sub-Saharan Africa, said that the Africa Investment Fund wouldn’t restrict itself to specific verticals or regions.
. “We are focusing on investments where we believe that Google could add value. If founders are building interesting products solving real challenges in Africa, that would fall squarely within our investment thesis,” he added.
Following its most recent investment in Lori Systems, a Google spokesperson told TechCrunch that the Africa Investment Fund has an eye for startups that have a strategic overlap in key verticals, including fintech, logistics, e-commerce and local language content.
Founded in 2016, Lori Systems provides supply chain management solutions to cargo owners, ensuring flexibility, reliability and cost savings. The startup opened operations in Uganda, Rwanda and South Sudan in 2018, and expanded to Nigeria.
In a statement, the Company said it has helped thousands of shippers and carriers move over $10 billion worth of cargo across the continent since launch.