E-logistics company, Ridelink raises $150,000 (UGX 529.9m) in a pre-seed funding round led by investors like Ortus Africa Capital, Omidyar Network, and African Leadership Academy’s Young Entrepreneurs Fund (Anzisha).
Ridelink’s progress so far
The e-logistics company is on a mission to drive down the cost of transport for SMEs by connecting businesses to truck drivers using technology to facilitate the smooth running of business operations, increase revenue earning, improve mobility efficiency and performance.
Ridelink works towards connecting small and medium-sized businesses to a network of transportation providers at the touch of a button. From its inception in 2017, it has hit numerous strides serving over 250 SMEs and employs over 2000 drivers who deliver cargo throughout East Africa.
The funds secured will allow the company to scale and compete favourably in this sector. “We plan on using the capital raised to build globally competitive and robust technology and accelerate our marketing campaigns,” says the company CEO Daniel Mukisa.
The capital raised in this pre-seed funding brings the company’s total capital to $250,000 (UGX 883.2m) in addition to previous investments it has received such as Seedstars in 2020.
Thokoza Mjo of the Anzisha Prize said, “The Young Entrepreneurs Fund is designed to incentivise co-investments into graduates of our programs like Daniel who have chosen to become career entrepreneurs. Ridelink demonstrates the ability of very young Africans to build job generative businesses and is a compelling business case for why we should all consider the opportunity to invest younger.”
“At Ortus Africa Capital we are glad to add Ridelink to our story of creating impact through provision of much needed capital to entrepreneurs growing Africa’s economies. By co-investing alongside the Young Entrepreneurs Fund and backing African entrepreneurs with local capital, we hope this helps the entrepreneurs grow but also gives confidence to other investors in the African ecosystem to join us on this journey,” says Kenneth Legesi CEO/CIO at Ortus Africa Capital.
Ridelink continues to progress as its CEO, Daniel Mukisa has recently been named among the top 20 in Africa’s Business Heroes 2021 Prize Competition. He among 2 other Ugandans will proceed to compete for the award of $1.5 million where they will also receive mentorship, training and networking opportunities.
Africa’s Business Heroes is the flagship philanthropic program for the Jack Ma Foundation in Africa.