African logistics startup Lori Systems raises Series A led by Chinese investors

This post was originally published on this site

African on-demand trucking logistics company Lori Systems has raised a Series A round led by Chinese investors Hillhouse Capital and Crystal Stream Capital.

Other participating investors included Nigeria and U.S.-based EchoVC, Flexport CEO Ryan Petersen and Nigerian founder Iyinoluwa Aboyeji.

Lori Systems is not disclosing the amount of the Series A. DealStreet Asia reported the round amount at $30 million earlier Friday, but Lori Systems’ CEO Josh Sandler would not confirm that. That figure was “something lost in translation” and “a mischaracterization of the raise,” he told TecCrunch on a call.

The company issued a clarification to initial reporting in a Medium post. On the reason for the non-disclosure, “Lori has never released fundraising details as we feel it is a vanity metric that distracts from what matters most: our mission of lowering the goods in frontier markets,” Lori Systems co-founder Jean-Claude Homawoo told TechCrunch.

A recent Financial Times piece pegged Lori’s total funding raise at $20 million.

Founded in Kenya in 2016, the company provides mobile-based on-demand trucking logistics services through an Uber -like network of drivers and merchant partners. Lori Systems has operations in East Africa in Kenya and Uganda.

The company expanded to Nigeria in

contactedorg

Check out http://contacted.org