Ugandan e-Logistics platform Redlink has raised USD150,000 (Approx UGX 530,000,000) in seed funding to assist in upscaling their operations.
Founded in 2017, Ridelink operates an e-logistics platform developed to connect small and medium sized enterprises to a network of transport operators at the tap of a button.
According to the founders, the company has served more than 250 SMEs with over 2000 drivers delivering Cargo throughout East Africa.
Ridelink 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.
The platform services a market in the urban, peri-urban and rural Uganda, Kenya and Tanzania.
The USD150,000 funding was made possible with strong partnership from Ortus Africa Capital, Omidyar Network and African Leadership Academy’s Young Entrepreneurs Fund(Anzisha).
This brings the total investment into Ridelink to US$250,000 with the start-up having attracted private investments in 2020 from seedstars.
“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 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,” says Thokoza Mjo of the Anzisha Prize, who manages the fund.
“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.