- Kwik Delivery raised $1.7 million from undisclosed institutional investors in pre-Series A funding
- The logistics company intend to utilise the capital to compete against rivals in last-mile market
- The French-owned Lagos-based startup is also planning to expand its operation to new markets
Logistics startup, Kwik Delivery, has raised $1.7 million from institutional investors. The company joined some Nigerian startups that recently obtained funding from new and existing investors.
The $1.7 million investment was raised in pre-Series A funding to expand Kwik's operation across new markets. The startup is operated by Africa Delivery Technologies and headed by the French citizen, Romain Poirot-Lellig.
The company is one of several logistics firms operating in the delivery market in Nigeria, which is worth N250 billion according to the African Centre for Supply Chain in 2018. Kwik competes against Jumia Delivery, Kobo360, DHL, Africa Courier Express, and Gokada.
The capital raised from undisclosed venture capitals is expected to be utilised to make the startup more competitive against its rivals in the last-mile market after ride-hailing firms trooped into the logistics business.
Kwik's founder was one of the French business owners in Nigeria that met with Nigeria's Vice President, Yemi Osinbajo, who heads the Presidential Enabling Business Environment Council, a body met to ensure ease of doing business.
Commenting on the path of his startup and the impact of the capital raised, Poirot-Lellig said:
“Kwik Delivery has demonstrated to customers and investors alike its efficiency as well as the relevance of its bold technology-based approach during a most challenging period.
"This financing round is enabling us to grow even faster and to disrupt and conquer new markets.”
Meanwhile, Legit.ng had earlier reported that businessman, Jim Ovia, will receive N9.57 billion from Zenith Bank due to his shares at the Nigerian lender which he had chaired for over 20 years.
Ovia has 3.54 billion shares in Zenith Bank which is the largest bank in Africa by shareholders. The chairman of the bank is the majority shareholder.
Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.