e-Logistics Platform Ridelink Raises $150,000 in Pre-seed Funding
Ridelink raises $150,000 in pre-seed funding from Ortus Africa Capital, Omidyar Network, and Anzisha bringing the platform's total investment to $250,000.
e-Logistics Platform, Ridelink has announced raising USD$150,000 (roughly UGX529,947,000) in pre-seed funding from Ortus Africa Capital, Omidyar Network, and African Leadership Academy’s Young Entrepreneurs Fund (Anzisha) brings the platform’s total investment to USD$250,000 (roughly UGX883,245,000) having attracted some private investments from Seedstars in 2020.
Mr. Kenneth Legesi CEO of Ortus Africa Capital said they are glad to add Ridelink to their story of creating impact through the provision of much-needed capital to entrepreneurs growing Africa’s economies. He further added that “by co-investing alongside the Young Entrepreneurs Fund and backing African entrepreneurs with local capital, we hope the fund helps Ridelink grow but also give confidence to other investors in the African ecosystem to join us on this journey.”
Mr. Thokoza Mjo of the Anzisha Prize, who manages the fund said, “The Young Entrepreneurs Fund is designed to incentivize co-investments into graduates of our programs who have chosen to become career entrepreneurs.” Adding that 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.
Ridelink CEO; Mr. Daniel Mukisa in a press statement sent to PC Tech Magazine said they plan on using the capital raised to build globally competitive and robust technology and accelerate their marketing campaigns.
Founded in 2017 Ridelink is an e-logistics platform developed to connect small and medium-sized enterprises (SMEs) to a network of transport operators. The company reports having 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 urban, peri-urban, and rural Uganda, Kenya, and Tanzania —and with the fund, they plan to expand their operations.
Notably, Mukisa is among the top twenty (20) finalists selected for the Africa Business Heroes prize competition for a chance to win a share of USD$1.5 million (approx. UGX5.325 billion) grant funding which will be coupled with invaluable networking and learning opportunities throughout their ABH journey.
Mukisa made it to the top 20 list along with two other Ugandan entrepreneurs; Ghirmay Abraham of Aptech Africa Ltd and Emmanuel Emodek; Co-Founder and Managing Director, ChapChap Africa Limited. The three managed to be shortlisted out of the first 50 finalists that were selected in July and now they wait till next month to see if they make it to the top 10 finalists for a chance to share USD$1.5 million (approx. UGX5.325 billion) grant.
ALSO READ: UGANDAN ENTREPRENEURS SELECTED AS FINALISTS IN THE AFRICA BUSINESS HEROES 2021 PRIZE COMPETITION
Africa’s Business Heroes (ABH) prize competition is Jack Ma Foundation’s philanthropic program commitment to help support and foster an inclusive and strong Africa’s entrepreneurial ecosystem. The program will recognize 100 African entrepreneurs over a ten-year period and allocate grant funding alongside training, mentoring, and learning programs, as well as access to a community of like-minded African business leaders.
