Ridelink is a social enterprise that has been making strides in the logistics business. Founded in 2017, the firm runs an e-logistics platform that enables and small and medium-sized enterprises to connect to a network of transport operators using a phone application. Serving over 250 SMEs, the company has a network of 2000 drivers transporting cargo within East Africa.
The firm raised USD$150,000 in pre-seeding funding in a round jointly led by noted investment advisory firm Ortus Africa Capital. The other funders are African Leadership Academy’s Young Entrepreneurs Fund (Anzisha) and impact investment firm Omidyar Network.
“At Ortus Africa Capital we are happy to add Ridelink to our story of creating impact through providing much-needed capital to entrepreneurs growing Africa’s economies. By co-investing along with the Young Entrepreneurs Fund and backing African entrepreneurs with local funding, we hope this helps the entrepreneurs grow but also gives confidence to other investors in the African ecosystem to join us on this journey,” said Kenneth Legesi CEO/CIO at Ortus Africa Capital.
The primary focus of Ridelink is to drive down transportation costs for SMEs through an efficient logistical network that facilitates the smooth running of operations. This in turn increases revenue for SMEs and eases transportation of cargo. The service has been embraced by enterprises in Uganda, Kenya and Tanzania.
“We plan on using the capital raised to build globally competitive and robust technology and accelerate our marketing campaigns,” said Daniel Mukisa who is the CEO and the founder of the firm.
In 2019 Daniel Mukisa disclosed that the company had moved away from a B2C to a B2B model that had enabled the firm to expand its revenue by 300%. This was captured by 2018s earning of $140,000 compared to the $37,000 the firm made in 2017. The recent investment increases the company’s cumulative funding to $250,000 after receiving private investment from Seedstars last year.
Mukisa is also among the top 20 finalists selected to compete for the prestigious Africa Business Heroes prize competition, with a chance to share grant funding of $1.5 million. This will be coupled with networking and learning opportunities throughout their journey. Other Ugandans who made it to the top 20 list include Emmanual Emodek who is the co-founder of ChapChap Africa and Ghirmay Abraham of Aptech Africa. If the three make it to the final 10 contestants they stand a chance to share the USD$1.5 million (approx. UGX5.325 billion)
