Moroccan Logidoo secures $1.55M in seed funding. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Moroccan Logidoo secures $1.55M in seed funding

Logidoo, a logistics startup hailing from Morocco, has announced securing $1.55 million in seed funding spearheaded by six prominent venture capital entities.

According to the startup, the investors include Maroc Numeric Fund II and Kalys Ventures from Morocco, 216 Capital from Tunisia, Gullit VC from Ethiopia, Founders Factory Africa from Nigeria, and Sunny Side Venture Partners from Egypt-Japan.

The company confirmed this in a statement seen by Ripples Nigeria on Wednesday February 14, 2024.

The new influx of capital is earmarked to fuel Logidoo’s ambitious expansion plans, facilitating operational scaling and bolstering its market presence.

Established in 2019 by visionary entrepreneur Tamsir Ousmane Traore, Logidoo has emerged as a trailblazer in the logistics realm, leveraging an innovative online platform that seamlessly integrates real-time parcel tracking.

This latest funding coup follows Logidoo’s earlier successes, having secured a $200,000 seed investment from Kalys Ventures and Launch Africa in March 2022, preceded by an undisclosed funding injection from the International Trade Centre in December 2021.

Trivia: Apple’s Vision Pro headset is a type of what?

A. HMD
B. MDI
C. VLB
D. NIC

See Answer below

2. Kenya’s Roam closes $24M to expand electric vehicle production

A Kenyan-based electric vehicle (EV) startup, Roam, has secured $24 million in a Series A funding round, with a substantial $10 million debt commitment from the U.S. International Development Finance Corporation (DFC).

Roam’s Chief Product and Strategy Officer, Albin Wilson, confirmed this in a statement seen by Ripples Nigeria on Wednesday February 14, 2024.

The investment aims to facilitate the expansion of electric motorcycle and bus production.

The funding round was led by Equator, an Africa-focused climate tech venture capital (VC) fund, and saw the participation of At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.

Speaking on the development, Albin said: “Our objective this year is to ramp up production to meet escalating demand. We aim to achieve a production rate of 1,000 motorcycles per month, a level we believe will effectively address market needs.”

Founded in 2017 by Filip Lövström and Mikael Gånge, Roam initially focused on EV conversions before transitioning to assembly in 2021, following substantial VC backing.

3. SME Fintech Finom secures €50m series B for expansion

Dutch banking tech start-up, Finom, has raised €50 million in Series B funding, which was spearheaded by General Catalyst, an established US-based venture capital firm and supported by newcomer Northzone.

The Co-founder, Kos Stiskin, confirmed this raise in a statement seen by Ripples Nigeria on Wednesday February 14, 2024.

Established in 2020 and headquartered in Amsterdam, Finom operates a digital financial platform catering to entrepreneurs and SMEs across Germany, France, Spain, the Netherlands, and Italy.

The platform offers a range of digital financial solutions including business accounts, payment processing, foreign exchange services, invoicing, and expense management, boasting a customer base of 85,000.

With the infusion of fresh capital, the company aims to bolster its existing product offerings, intensify marketing efforts, and broaden its suite of accounting services.

Stiskin emphasizes Finom’s commitment to simplifying the SME banking experience through platform enhancements tailored to the unique needs of each country it serves.

Trivia Answer: HMD

HMD Stands for Head-Mounted Display. An HMD is a visual device used for virtual reality, augmented reality, or mixed reality. It can be as small as a pair of glasses or as large as a helmet with an integrated display.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now