E-logistics firm, Kobo360 raises $30 million

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Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber-like app that connects truckers and companies to deliver services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Since its launch in Lagos in 2017, Kobo360 has continued to grow its product offerings, VC backing and customer base. The startup claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

In addition to customer focus, founders Ife Oyedele II and Obi Ozor have prioritized serving the startup’s drivers. They offer the company’s app in languages common to drivers, such as Hausa and Pidgin.

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Kobo360 also launched its own driver working capital finance program, KoPay, KoboSafe insurance product and KoboCare: a suite of driver services from HMO packages to family tuition assistance.

The startup is part of a growing e-logistics and transport space in Africa linking on-demand apps to mobile-based connectivity to move people and goods around the continent more effectively.

In the ride-hail space, global players such as Uber and Bolt are competing with each other and homegrown startups to digitize and capture revenues in the continent’s auto and motorcycle taxi markets.

In e-logistics freight delivery, two startups — Kobo360 and Lori Systems — have continued to compete for tit for tat on investment, scale and expansion.

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Kobo360 moved into Lori Systems’ HQ country Kenya this year. Lori Systems expanded into Nigeria in September of 2018.

Commercial research firm MarketLine estimated the value of Nigeria’s transportation sector in 2016 at $6 billion, with 99.4% comprising road freight.

Kobo360’s CEO Obi Ozor told TechCrunch the startup would make final decisions on the 10 new countries by first quarter 2020.

As a cross-border freight service, the company looks to benefit from Africa’s Continental Free Trade Area (AFCFTA), signed this year by all the continent’s 54 countries to reduce barriers and friction on Pan-African commercial activity.

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In addition to lower costs for Kobo360’s country to country freight movement, the startup expects to have a voice in AFCTA’s final implementation.

“We’re going to do some policy work through the IFC so we can help shape AFCTA. The key to the deal is really logistics, so if the logistics component doesn’t work out the deal isn’t going to work,” Ozor said.

Kobo360 will use part of its $30 million funding to build out its Global Logistics Operating System —  GLOS for short — a blockchain-enabled platform that will help the company transition to more supply-chain services.

By Digest Africa’s latest ranking, Kobo360’s $20 million Series A is the 5th largest investment in an African startup this year, after Egyptian ride-hail company Svwl’s $42 million raise in June. Kobo360’s existing investors IFC, TLCom Capital and Y Combinator joined the round.

Goldman Sachs confirmed to TechCrunch its lead on the Series A. Over the last several years the U.S. based finance firm’s Africa investments have included backing for e-commerce unicorn Jumia (which recently listed on the NYSE) and leading a $52 million investment in South African fintech startup Jumo in 2018.

Goldman Sachs’ Jules Frebault named Kobo360’s ability to scale quickly over a short period of time and use of tech to improve reliability and efficiency in Africa’s logistics ecosystem as a reason for leading the Series A.

“It’s also a business model that’s replicable across multiple geographies on the continent,” he told TechCrunch on a call.

Kobo360 has a mind toward international expansion but expects to remain focused on Nigeria and Africa for now. “We’re definitely thinking global, we just want to make sure we close out our home market first, then we’ll start looking outside,” Ozor said.

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E-logistics firm, Kobo360 raises $30 million - Brand Spur

Mead Johnson Nutrition HK Launches “We CAN Protect the Future” –...

Enabling parents and children to build a greener world by taking their first steps in recycling formula cans

 

HONG KONG SAR - Media OutReach - 10 May 2021 - To encourage Hong Kong citizens to lead greener lives, Mead Johnson Nutrition Hong Kong ("Mead Johnson"), one of the brands under Reckitt Benckiser ("Reckitt"), officially launched its city-wide "We CAN Protect the Future" Formula Cans Recycling Program in early April. Created in partnership with 24-hour online shopping platform, HKTVmall under Hong Kong Television Network Limited ("HKTVmall") and the World Green Organisation ("WGO"), the program aims to raise awareness among the public on the importance of recycling and urge parents to safeguard the future of their children by taking immediate actions to protect the environment and be the role models of green living.


E-logistics firm, Kobo360 raises $30 million - Brand Spur

According to a recent survey, only around 30% of interviewed parents would recycle the used formula cans in Hong Kong[1]. With collection points at 6 HKTVmall O2O Shops across the city, the Program offers consumers easy access to a reliable channel to recycle and transform their used formula cans into useful raw materials to reduce waste and protect our environment.

The Program accepts cleaned formula cans from all brands and rewards participating parents with HKTVmall e-vouchers that can be used for online purchase[2]. To ensure proper storage and transportation of all collected cans, all brand logos and brand names will be erased before a specialized delivery team transports the cans from HKTVmall O2O Shops to a local recycling plant. The cans will then be destructed and shipped to another facility for further processing. Molten metal will be recycled into raw metal materials for different purposes, such as for construction use.

"Reckitt is driven by its purpose, do the right things, always. Mead Johnson as one for the core brands of Reckitt also upholds this mission, it not only provides high-quality nutrition products, but has been working hand in hand with our consumers to safeguard the environment and nourish the best start in life for more than a century," said Mr. Pankaj Agarwal, Reckitt's General Manager Hong Kong, Taiwan & Cross-Border. "Through the partnership with HKTVmall and WGO to offer a convenient and reliable recycling channel, we hope to empower parents and their children to build recycling habits at an early stage, and hence create a cleaner, healthier world."

Ms. Jelly Zhou, Chief Executive Officer (Hong Kong) at Hong Kong Television Network Limited, added, "HKTVmall is committed to enhancing Hong Kong people's quality of life via innovative technologies. We also highly value social responsibility in promoting a culture of environmental protection and resource conservation. Through this partnership with Mead Johnson and WGO, it not only endows a value to the used items through reducing wastage and promote recycling awareness, but also spread the message of environmental protection to everyone. Let us make changes in our daily lives with everybody's joint efforts, encourage sustainable development for Hong Kong and all over the world." HKTVmall, as co-organiser of the Program, shares their store networks to facilitate the mechanism of the recycling process. It helps mobilizing Hong Kong citizens to join the program in different areas simultaneously and promoting recycling in the city.

WGO acts as the supporting organisation to provide professional advice on improving the overall can recycling experience in this Program. "WGO is pleased to drive the formula cans recycling programme with Mead Johnson and HKTVmall" said Dr. William Yu, Founder & Chief Executive Officer of World Green Organisation. "We look forward to seeing different stakeholders in society, including manufacturers, retailers and the public to join hands and promote recycling, and facilitating a green future for our next generation."

The "We CAN Protect the Future" Formula Can Recycling Programme runs every Monday and Wednesday, from now until 30th June 2021.

For more details, please visit: https://cloud.marketing.hktvmall.com/canrecycle2021


[1] Baby Kingdom Online Survey on formula can recycling habits (2019)

[2] From 7th April to 30th June, participants can redeem an e-voucher (HKTVmall HK$50 Dettol Product or HK$200 Mead Johnson Nutrition Selected Product) for every successful return of a cleaned formula can, up to four e-vouchers per day. Distribution of e-vouchers may vary depending on availability at different shops. E-vouchers are available on a first-come, first-served basis while stocks last and check with the on-duty staff for details on collection day. Offers are subject to Terms and Conditions and can be found here: https://bit.ly/3mtsEJU

About Mead Johnson Nutrition

Mead Johnson Nutrition has been established in 1905. For more than a century, Mead Johnson Nutrition has led the way in developing safe, high-quality, innovative pediatric nutrition products, guided by the mission to nourish the world's children for the best start in life. The brand operates Mead Johnson Pediatric Nutrition Institutes worldwide. These centers connect Mead Johnson Nutrition's researchers to scientists and healthcare professionals around the world, putting the brand at the forefront of pediatric nutrition science.

Mead Johnson Nutrition (Hong Kong) Limited has been landed for a half century, providing Hong Kong parents with high quality, science-based products, various parenting information and professional advice, gaining trust and support from parents.

Mead Johnson Nutrition's scientists and healthcare professionals are paying affords on the formula for children with special nutrition needs and Mead Johnson Nutrition is a very few brands that insists to produce the formula for metabolic disorders' children, giving hopes to them.

For more information visit http://www.meadjohnson.com.hk/

About Reckitt

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.

Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.

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Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.

We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society.

Find out more, or get in touch with us at www.reckitt.com

*Reckitt is the trading name of the Reckitt Benckiser group of companies

About Hong Kong Television Network Limited

Hong Kong Television Network Limited is a Hong Kong-listed company (SEHK: 1137).

Established in 1992, the Group has extensive and successful experience in telecom market liberalization and popularizing advanced technology and applications.

The Company is now developing Hong Kong's largest 24-hour online shopping mall, HKTVmall, which provides one-stop shop services including online shopping, marketing & digital advertising, big data analysis, smart logistics & fulfilment as well as physical O2O stores, and to transform all business operation, trading, retail, finance and daily life onto a single digital online platform. For more information, visit www.hktv.com.hk.

About World Green Organisation

The World Green Organisation (WGO) is an independent non-governmental organisation concerned with environmental conservation and environmentally related livelihood and economic affairs. It provides a holistic approach to a fully integrated three-pronged solution that combines social, environmental and economic dimensions for a paradigm shift towards low-carbon and climate-resilient development pathways.

Through science-based policy research and community projects, the WGO aims to enhance the quality of the environment, promote a greener economy, and improve people's livelihoods. In particular, it will focus on the social concerns of underprivileged groups and on the creation of a green economy, to help realise its vision of sustainable development. For more information, visit www.thewgo.org/website/eng/.

E-logistics firm, Kobo360 raises $30 million - Brand Spur
- Advertisement -
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Latest News

Mead Johnson Nutrition HK Launches “We CAN Protect the Future” – Formula Cans Recycling Program with HKTVmall and World Green Organisation

Enabling parents and children to build a greener world by taking their first steps in recycling formula cans

 

HONG KONG SAR - Media OutReach - 10 May 2021 - To encourage Hong Kong citizens to lead greener lives, Mead Johnson Nutrition Hong Kong ("Mead Johnson"), one of the brands under Reckitt Benckiser ("Reckitt"), officially launched its city-wide "We CAN Protect the Future" Formula Cans Recycling Program in early April. Created in partnership with 24-hour online shopping platform, HKTVmall under Hong Kong Television Network Limited ("HKTVmall") and the World Green Organisation ("WGO"), the program aims to raise awareness among the public on the importance of recycling and urge parents to safeguard the future of their children by taking immediate actions to protect the environment and be the role models of green living.


E-logistics firm, Kobo360 raises $30 million - Brand Spur

According to a recent survey, only around 30% of interviewed parents would recycle the used formula cans in Hong Kong[1]. With collection points at 6 HKTVmall O2O Shops across the city, the Program offers consumers easy access to a reliable channel to recycle and transform their used formula cans into useful raw materials to reduce waste and protect our environment.

The Program accepts cleaned formula cans from all brands and rewards participating parents with HKTVmall e-vouchers that can be used for online purchase[2]. To ensure proper storage and transportation of all collected cans, all brand logos and brand names will be erased before a specialized delivery team transports the cans from HKTVmall O2O Shops to a local recycling plant. The cans will then be destructed and shipped to another facility for further processing. Molten metal will be recycled into raw metal materials for different purposes, such as for construction use.

"Reckitt is driven by its purpose, do the right things, always. Mead Johnson as one for the core brands of Reckitt also upholds this mission, it not only provides high-quality nutrition products, but has been working hand in hand with our consumers to safeguard the environment and nourish the best start in life for more than a century," said Mr. Pankaj Agarwal, Reckitt's General Manager Hong Kong, Taiwan & Cross-Border. "Through the partnership with HKTVmall and WGO to offer a convenient and reliable recycling channel, we hope to empower parents and their children to build recycling habits at an early stage, and hence create a cleaner, healthier world."

Ms. Jelly Zhou, Chief Executive Officer (Hong Kong) at Hong Kong Television Network Limited, added, "HKTVmall is committed to enhancing Hong Kong people's quality of life via innovative technologies. We also highly value social responsibility in promoting a culture of environmental protection and resource conservation. Through this partnership with Mead Johnson and WGO, it not only endows a value to the used items through reducing wastage and promote recycling awareness, but also spread the message of environmental protection to everyone. Let us make changes in our daily lives with everybody's joint efforts, encourage sustainable development for Hong Kong and all over the world." HKTVmall, as co-organiser of the Program, shares their store networks to facilitate the mechanism of the recycling process. It helps mobilizing Hong Kong citizens to join the program in different areas simultaneously and promoting recycling in the city.

WGO acts as the supporting organisation to provide professional advice on improving the overall can recycling experience in this Program. "WGO is pleased to drive the formula cans recycling programme with Mead Johnson and HKTVmall" said Dr. William Yu, Founder & Chief Executive Officer of World Green Organisation. "We look forward to seeing different stakeholders in society, including manufacturers, retailers and the public to join hands and promote recycling, and facilitating a green future for our next generation."

The "We CAN Protect the Future" Formula Can Recycling Programme runs every Monday and Wednesday, from now until 30th June 2021.

For more details, please visit: https://cloud.marketing.hktvmall.com/canrecycle2021


[1] Baby Kingdom Online Survey on formula can recycling habits (2019)

[2] From 7th April to 30th June, participants can redeem an e-voucher (HKTVmall HK$50 Dettol Product or HK$200 Mead Johnson Nutrition Selected Product) for every successful return of a cleaned formula can, up to four e-vouchers per day. Distribution of e-vouchers may vary depending on availability at different shops. E-vouchers are available on a first-come, first-served basis while stocks last and check with the on-duty staff for details on collection day. Offers are subject to Terms and Conditions and can be found here: https://bit.ly/3mtsEJU

About Mead Johnson Nutrition

Mead Johnson Nutrition has been established in 1905. For more than a century, Mead Johnson Nutrition has led the way in developing safe, high-quality, innovative pediatric nutrition products, guided by the mission to nourish the world's children for the best start in life. The brand operates Mead Johnson Pediatric Nutrition Institutes worldwide. These centers connect Mead Johnson Nutrition's researchers to scientists and healthcare professionals around the world, putting the brand at the forefront of pediatric nutrition science.

Mead Johnson Nutrition (Hong Kong) Limited has been landed for a half century, providing Hong Kong parents with high quality, science-based products, various parenting information and professional advice, gaining trust and support from parents.

Mead Johnson Nutrition's scientists and healthcare professionals are paying affords on the formula for children with special nutrition needs and Mead Johnson Nutrition is a very few brands that insists to produce the formula for metabolic disorders' children, giving hopes to them.

For more information visit http://www.meadjohnson.com.hk/

About Reckitt

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.

Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.

Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.

We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society.

Find out more, or get in touch with us at www.reckitt.com

*Reckitt is the trading name of the Reckitt Benckiser group of companies

About Hong Kong Television Network Limited

Hong Kong Television Network Limited is a Hong Kong-listed company (SEHK: 1137).

Established in 1992, the Group has extensive and successful experience in telecom market liberalization and popularizing advanced technology and applications.

The Company is now developing Hong Kong's largest 24-hour online shopping mall, HKTVmall, which provides one-stop shop services including online shopping, marketing & digital advertising, big data analysis, smart logistics & fulfilment as well as physical O2O stores, and to transform all business operation, trading, retail, finance and daily life onto a single digital online platform. For more information, visit www.hktv.com.hk.

About World Green Organisation

The World Green Organisation (WGO) is an independent non-governmental organisation concerned with environmental conservation and environmentally related livelihood and economic affairs. It provides a holistic approach to a fully integrated three-pronged solution that combines social, environmental and economic dimensions for a paradigm shift towards low-carbon and climate-resilient development pathways.

Through science-based policy research and community projects, the WGO aims to enhance the quality of the environment, promote a greener economy, and improve people's livelihoods. In particular, it will focus on the social concerns of underprivileged groups and on the creation of a green economy, to help realise its vision of sustainable development. For more information, visit www.thewgo.org/website/eng/.

E-logistics firm, Kobo360 raises $30 million - Brand Spur
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