Ridelink, an e-logistics platform based in Uganda, has secured a $150k pre-seed round to strengthen its technology and expand its marketing activities.
The investment was made possible by a collaboration between the startup and Ortus Africa Capital, Omidyar Network, and the African Leadership Academy’s Young Entrepreneurs Fund (Anzisha).
After receiving investment from seedstars last year, Ridelink’s total cash raised now stands at $250,000.
Ridelink, founded in 2017 by Daniel Mukisa, is an e-logistics platform that connects SMEs to a network of transportation providers.
Uganda’s population increased by 6.8% from over 44 million in 2019 to over 47 million in 2021, resulting in an increase in SMEs throughout the country.
SMEs are rapidly becoming the backbone of growing economies like Uganda’s; the sector employs over 2.5 million people, accounting for 90% of the private sector’s workforce.
Ridelink is on a mission to reduce the cost of transportation for small businesses by linking them with truck drivers and utilizing technology to make company operations operate more smoothly, boost revenue, and enhance mobility efficiency and performance.
Though Ridelink began in Uganda, it has now grown to service commercial hubs throughout East Africa, including Uganda’s urban, peri-urban, and rural areas, as well as Kenya and Tanzania.
According to reports, the firm has served more than 250 SMEs and has over 2000 drivers transporting cargo across East Africa.
“We intend to use the funds obtained to create internationally competitive and resilient technology as well as expedite our marketing campaigns,” says Daniel Mukisa, the company’s founder and CEO.
“The Young Entrepreneurs Fund is designed to incentivize co-investments into graduates of our programs like Daniel who have chosen to become career entrepreneurs,” said Thokoza Mjo of the Anzisha Prize, who manages the fund. “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.”
Ortus Africa Capital CEO/CIO Kenneth Legesi is excited to add the startup to its tale of making a difference by investing in firms that are developing Africa’s economies. “We hope that this not only assists the entrepreneurs in their growth but also provides other investors in the African ecosystem the confidence to join us on this journey,” Legesi said.