Kobo360 Raises $20m in Funding Led by Goldman Sachs

Nigerian freight logistics startup Kobo360 raised $20m in a Series A funding led by Goldman Sachs, TechCrunch reports, citing CEO Obi Azor.

* Raised $10m in working capital financing from Nigerian commercial banks;
* Company will use funds to upgrade platform and expand to 10 countries beyond Nigeria, Togo, Ghana and Kenya;
** Final decision on countries will be made by 1Q 2020;
* Goldman Sach confirmed to TechCrunch that it led funding;
** Executive director Jules Frebault said Kobo360’s business model is “replicable across multiple geographies” on continent. Source: Bloomberg