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Kenyan Startup, Sendy Raises $20 Million In Series B Funding

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Kenyan logistics startup, Sendy, with a platform that connects clients to drivers and vehicles for goods delivery raised  $20 million in Series B funding led by Atlantica Ventures.

 

Toyota Tsusho Corporation, a trade and investment arm of Japanese automotive company Toyota, also participated in the round.

 

This means Sendy has now raised $29 million in funding since rolling out its services in 2015.

 

The company was co-founded by two Americans; Malaika Judd and Mesh Alloys and two Kenyans; Evanson Biwott and Don Okoth. The startup has offices in Kenya, Tanzania, and Uganda. It also has 5000 vehicles on its platform that move all sorts of goods, according to Mesh Alloys in a conversation with TechCrunch.

 

sendy series b funding
Sendy plans to use the fresh round of funding to improve its operational efficiency  Photo: KenyanWallstreet
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Sendy offers services of eCommerce, enterprise, and freight delivery to names like Unilever, DHL, Maersk, Safaricom, and  Jumia.

 

The company uses an asset-free model, with its app coordinating contract drivers who own their own vehicles, while confirming deliveries, creating performance metrics and managing payment.

 

Regarding Sendy’s business and revenue model, Alloys says “We take a percentage of each transaction. We also facilitate services for drivers like insurance, health insurance, vehicle financing, vehicle servicing, and fuel credits.”

Sendy to use Series B funding to employ new staff and upgrade its technology

Sendy plans to use its Series B funding to employ new staff and to upgrade its technology.

 

“Getting better operational efficiency is super key so we’ll invest…in engineering teams and data teams…and deploying talent to improve the services that we give our customers,” said Alloys.

 

This funding round also comes with a Research and Development arrangement with Toyota Tsusho Corporation. The corporation’s investment comes from a venture arm Toyota established for Africa, known as Mobility 54.

 

Sendy will use this funding to position itself for further successes as Toyota will assist in optimizing their trucks to perform better in the market. Also the giant carmaker looks to set up vehicle services centers in partnership with the startup.

 

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