Google Sub-Saharan Africa injects multi-million dollars into Kenyan e-logistics company

Google has once again injected a huge investment with an aim to boost the African economy by reaffirming its $50 million Africa Investment Fund initiative. 
 
This time, a Kenyan e-logistics company, Lori Systems, has benefitted from the massive cash injection and the financial support has been welcomed. 
 
As part of Lori Systems’ daily business or operations, they essentially lessen the cost of goods by eliminating pain points along the cargo journey, thus seamlessly connecting shippers to transport. 
 
Apart from that, the East African company provides shippers with solutions to efficiently manage their cargo and transporters, and digitising their entire transport operation, from sourcing transportation to documentation and payments. 
 
The latest research and a report by Knight Frank’s Logistics Africa report indicates that 75% of the price of a product in Africa is attributed to logistics, that is compared to just 6% in the United States of America. 
 
Google’s managing director for sub-Saharan Africa Nitin Gajria says there is so much potential in the market and they hope to fully unlock it. 
 
“At Google, we understand the transformative power digitisation can bring to the African continent. There is so much potential in the region, but it’s only through innovation that this can be fully unlocked,” said Gajria. 
 
IOL Business has posted that on the African continent, logistics and transport operators face a number of stumbling blocks ranging from fragmented supply-and-demand markets to inconsistent pricing among others. 
 
Lori Systems co-founder Jean-Claude Homawoo says global supply chains are in dire need of modernisation and their aim is to consolidate innovation.  
 
“In recent years the global logistics industry has seen much innovation. However global supply chains are in dire need of modernisation, with technologies yet to reach critical scale,” he said. 
 
“On the continent, the African Continental Free Trade Area (AfCFTA) is expected to lead to an 81% increase in intra-African trade, providing a $21.9 billion opportunity in untapped trade potential that the 54 ratifying countries are hoping to capitalise on over the next 5 years. Logistics is key to unlocking this opportunity.” 
 
Main Image: Lori Systems/Instagram 
https://www.instagram.com/lorisystems