UGANDA – E-logistics startup Ridelink, has raised US$150,000 in pre-seed funding in a round jointly led by an investment advisory firm Ortus Africa Capital, Omidyar Network, an impact investment firm, and African Leadership Academy’s Young Entrepreneurs Fund, Anzisha.
The company looks to drive down the cost of transport for Small and Medium Enterprises by connecting businesses to truck drivers through technology that facilitates the smooth running of business operations increasing revenue, motility efficiency, and performance.
Ridelink services a market in the urban, suburban and rural Kenya, Tanzania and Uganda, and is on a mission to reduce the cost of transportation for SMEs by using technology to connect businesses to truck drivers thereby facilitating increased revenue earning, improved mobility performance and efficiency, and the smooth running of business operations.
In a 2019 feature by Anzisha, Ridelink Chief Executive Officer Daniel Mukisa disclosed how the company pivoted its business model from a B2C to a B2B model which helped the company grow its revenue significantly.
The company had realized a 300% revenue growth from 2017’s US$37,000 to 2018’s US$140,000.
Speaking on the investment, Thokoza Mjo Head of the Anzisha Prize Fund said that The Young Entrepreneurs Fund works to incentivize co-investments in its graduate programs.
According to Thokoza, Ridelink has demonstrated the prowess of young Africans to create jobs while compelling business case for reasons to continue investing in the young African generation.
Kenneth Legesi CEO at Ortus Africa Capital pointed out that co-investing alongside Young Entrepreneurs Fund while “backing African entrepreneurs with local capital” helps them grow while giving confidence to other investors to do the same across the continent.
Kenneth further explained that through co-investing with the Young Entrepreneurs Fund, Ortus Africa Capital hopes to support the entrepreneurs grow while also giving confidence to other willing investors in Africa.
Ridelink has also qualified as one of the 2021 Africa’s Business Heroes Top 20 Finalists in a showcase of Uganda’s entrepreneurial brilliance as they lead the charge for democratizing logistics for small businesses.
On the partnership, fund manager for The Young Entrepreneurs Fund, Thokoza Mjo, said: “The Young Entrepreneurs Fund is designed to incentivize co-investments into graduates of our programs like Daniel who have chosen to become career entrepreneurs.”