Morocco’s Logidoo secures $1.55 million seed funding to upscale its cross-border logistics services. a total of six venture capitalists from five different African countries led the round.
These VCs as you should know are Maroc Numeric Fund II and Kalys Ventures from Morocco, 216 Capital, Tunisia, Gullit VC, Ethiopia, Founders Factory Africa, Nigeria, and Sunny Side Venture partners, Egypt/Japan. This new development is coming just after Logidoo announced its plans to expand in the previous year and to also broaden the network of its franchise to five more African nations with the help of fresh funding.
Logidoo Secures $1.55 Million Seed Funding
Logidoo, established in 2019 by Tamsir Ousmane Traore, operates as an online platform providing logistics services and real-time parcel tracking. Recently, the startup has expanded its team with the addition of more executive roles like CFO and COO.
Logidoo Operates In Eight African Countries
With over 3,000 logistics suppliers, 100,000 completed operations, and 400 clients, Logidoo operates in eight African countries, including Morocco, Senegal, Ivory Coast, and Tunisia. Specializing in cross-border end-to-end 5PL logistics, Logidoo aims to contribute to the realization of the goals of the African Continental Free Trade Area (AFCFTA). 5PL, or fifth-party logistics, represents an advanced logistics provider system that extends beyond individual supply chains to broader supply networks.
How Logidoo Works
Logidoo’s strategy involves engaging players from both the formal and informal sectors to expand its market reach, covering transportation to cash management services. The recent funding infusion underscores its commitment to addressing the relatively low intra-trade in Africa compared to other regions like Asia and the EU.
According to Crunchbase, Logidoo secured a $200,000 seed round from Kalys Ventures and Launch Africa in March 2022. Additionally, in December 2021, it received an undisclosed amount from the International Trade Centre.
Logidoo Announces the Launch of a New Subsidiary in Tunisia
Recently, Logidoo announced the launch of a new subsidiary in Tunisia, adding to its existing presence in Mauritania, Senegal, Gambia, Mali, and Guinea Conakry. This expansion aims to strengthen connections between Tunisia and West Africa, enhancing market linkages. The subsidiary is expected to bring benefits such as reduced transport times, cost optimization, and improved supply chains.
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