Amitruck: Story, Founders, Investors & Funding Rounds
Launched in 2019 as a digital logistics marketplace, Amitruck connects shippers with transporters operating trucks, vans, tuk-tuks (three-wheelers), pickups, and motorbikes, allowing them to negotiate the rates of haulage.
The platform also lets shippers customize services, for example, to add off-loading charges and it includes a transporter’s rating and the mean number of trips made, data that helps shippers narrow down their choices. The process begins once both parties reach an agreement.
Amitruck is also a digital marketplace for trucking that connects clients directly with transporters cutting out expensive middlemen since it connects shippers directly with transporters and provides a platform where you can get secure competitively priced transport.
Transporters bid for work on the platform, ensuring competitive prices, while cargo owners have convenient access to a range of competitive offers and can choose a transporter based on price, rating, and experience.
Some of Amitruck’s more than 300 B2B customers in Kenya include FMCG firm Unilever, L’Oréal, a beauty company; SkyGarden, an e-commerce platform; and Twiga, a fresh produce marketplace. They also work with individual customers, who are, for example, moving houses.
The goods ferried by Amitruck’s partners are insured. Besides, the startup provides operational support.
Those who can enroll for Amitruck include; Truck, Van, fleet, or boda boda owners or businesses looking for logistics solutions.
Amitruck has more than 8,000 vehicles registered on its platform, and the company’s revenue grew 1,000% in 2021 from 400% in the previous years, as COVID made apparent the need to digitize supply chain processes.
In 2021, the startup participated in the JICA-backed Ninja Accelerator program and was also accepted to AbInbev’s Budstart Accelerator program and Google-backed Black Founders Fund Accelerator, which provides non-dilutive capital.
Africa’s transport and logistics sector is expected to grow massively, especially after the implementation of the already signed African Continental Free Trade Area (AfCFTA) which will make the continent the largest single market in the world.
How it Works
Amitruck improves drivers’ work by enabling them to access more clients, plan their days ahead, and reduce idle time and empty runs.
It ensures transparency, accurate trip information, and fair prompt payment.
Dozens of new delivery missions are published on the Amitruck App daily and therefore you can fill in your schedule and grow your business with more work.
Amitruck also guarantees prompt payment. In case of non-payment, they cover the difference so their drivers and their families don’t suffer the consequences.
They require all their partners to provide detailed specifications and requirements for deliveries upfront since they handle the legalities and paperwork so you can focus on safely driving the goods to their target destination.
Amitruck drivers get to choose what work they do when they work and who they work with hence experiencing the freedom to choose which delivery jobs they accept.
Additionally, the driver is paid only when the order has arrived, and the customer is satisfied with the delivery.
Mark Mwangi is the Co-Founder and CEO of Amitruck.
He previously worked at Pictet Asset Management as a Senior Investment Manager.
Mwangi, a former investment banker, wasn’t always in the logistics sector, except for the period when, following the demise of his father, he had to take up a night job driving trucks to pay his tuition fee at the City University of London, where he pursued a degree in mathematics.
Thereafter, he joined Bluecrest Capital Management, a British-American hedge fund, as part of the executive team involved in the operations of several private holdings in Canada, Ecuador, and China.
He later left for the Pictet Asset Management firm, where he rose through the ranks to become an Equities portfolio manager, a position he later left in 2017 to pursue entrepreneurship.
Mark Mwangi attended City University London.
Investors & Funding Rounds
Dynamo, Plug and Play, and angel investors
Amitruck has raised an undisclosed pre-seed funding round to expand its growing client base in East Africa.
Since it was launched, the Amitruck customer-side mobile app has been downloaded more than 10,000 times, while the startup has seen a 300 percent increase in revenues over the last 12 months.
The startup has now attracted an undisclosed pre-seed investment from US-based investors Dynamo Ventures and Plug and Play Ventures.
Several angel investors from Amitruck’s advisory board with a background in supply chain and logistics have also participated in the deal.
On top of that, Amitruck has also achieved a great take-off in Kenya, and it is set to strengthen its technical, operations, and sales team to lay ground for its entry into Tanzania and Uganda, after raising $4 million in seed funding bringing the total funds raised to date to $5 million.
The seed round was led by Better Tomorrow Ventures (BTV), with the participation of Dynamo Ventures, Rackhouse Venture Capital, Flexport Inc, Knuru Capital, Launch Africa Ventures, Uncovered Fund, and several angel investors.
The expansion plans come as it looks to be the regional go-to platform for shippers and transporters doing in-country and cross-border business.
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