Ridelink Has Raised $150 Thousand Dollars In Pre-seed Funding
Ridelink has raised $150 thousand dollars in pre-seed funding
Ridelink, an e-logistics platform based in Uganda, has recently closed a pre-seed investment round of $150 thousand dollars to improve its technology and increase its marketing efforts.
The partnership between the startup and Ortus Africa Capital, the Omidyar Network, and the African Leadership Academy's Young Entrepreneurs Fund resulted in the investment being made (Anzisha).
With this round of funding, Ridelink has raised a total of US$250k, having previously received funding from seedstars last year and from other sources.
Ridelink, founded in 2017 by Daniel Mukisa, is an e-logistics platform that connects small and medium-sized enterprises (SMEs) to a nationwide network of transportation providers.
Uganda's population increased by 6.8 percent between 2019 and 2021, rising from over 44 million in 2019 to over 47 million in 2021; this upward trend in population has also resulted in the growth of SMEs across the country.
Small and medium-sized enterprises
Small and medium-sized enterprises (SMEs) are increasingly becoming the backbone of emerging economies, such as Uganda, where the sector employs more than 2.5 million people, accounting for 90 percent of all private sector employees.
In its mission to lower the cost of transportation for small and medium-sized enterprises (SMEs), Ridelink is connecting businesses with truck drivers and leveraging technology to facilitate the smooth running of business operations, increase revenue earning, and improve mobility efficiency and performance.
Even though Ridelink began operations in Uganda, the company has grown to serve business hubs throughout East Africa, including urban, peri-urban, and rural areas in Uganda, Kenya, and Tanzania, among other places.
According to reports, the company has served more than 250 small and medium-sized enterprises (SMEs) with over 2000 drivers delivering cargo throughout East Africa.
“We intend to use the funds raised to develop globally competitive and robust technology, as well as to accelerate our marketing campaigns,” says Daniel Mukisa, the company's founder and CEO.
Moving Forward
In order to encourage co-investments in graduates of our programs who have chosen to become career entrepreneurs, such as Daniel, the Young Entrepreneurs Fund was established. Thokoza Mjo, of the Anzisha Prize, who manages the fund, shared his thoughts. The ability of very young Africans to build job-generating businesses is demonstrated by Ridelink, which provides a compelling business case for why we should all consider the opportunity to invest earlier in our lives.
In the words of Kenneth Legesi, CEO/CIO of Ortus Africa Capital, the company is pleased to be able to include the startup in its story of making a difference by investing in businesses that are growing Africa's economies. Legesi concluded, saying, "We hope this will not only assist the entrepreneurs in their growth, but it will also instill confidence in other investors in the African ecosystem to join us on this journey."
