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Nigerian logistics startup Kobo360 accepted into YC, raises $1.2 million

Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa . More posts by this contributor Breaking down France’s new $76M Africa startup fund Africa Roundup: African startup investments turn to fintech this winter season When Nigerian logistics startup  Kobo360  interviewed for Y-Combinator’s 2018 cohort a question stood out to founder Obi Ozor. “‘What’s holding you back from becoming a Unicorn?’ they asked. My answer was simple: ‘working capital,’” said Ozor. Kobo360 was accepted into YC’s 2018 class and gained some working capital in the form of $1.2M in pre-seed funding round led by  Western Technology Investment  announced this week. Lagos based  Verod Capital Management  also joined to support Kobo360. The startup — with an Uber -like app that connects Nigerian truckers to companies with freight needs — will use the funds to pay drivers online immediately after successful hauls. Kobo360 is also launching the Kobo Wealth Investment Network, or KoboWIN—a crowd-invest, vehicle financing program. Through it Kobo drivers can finance new trucks through citizen investors and pay them back directly (with interest) over a 60 month period. Ozor said Kobo360 created the platform because of limited vehicle finance options for truckers in Nigeria.  “We hope KoboWIN…will inject 20,000…additional trucks on the Kobo platform,” he told TechCrunch. On Kobo360’s utility, “We give drivers the demand and technology to power their businesses,” said Ozor

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