Dynamo Ventures, a US-based early-stage investor focused on supply chain and mobility segments, has struck what is believed to be its maiden African deal by investing in a Kenyan trucking logistics marketplace.
Dynamo Ventures, along with Plug and Play Ventures and others, has participated in a pre-seed stage funding round in Amitruck to help the company expand its client base in East Africa.
The value of the investment was not disclosed but is believed to be in the range of $750,000 to $1 million.
As a venture fund that largely chases business-to-business ventures, Dynamo Ventures invests between $250,000 and $1.25 million. Its investment is typically between a third and a half of the total funding round.
Amitruck was floated two years ago. It connects transporters directly with cargo owners via its website and mobile application. It is led by its founder and CEO, Mark Mwangi.
Barry Large, co-founder and partner of Dynamo Ventures, said: “We see many similarities between Amitruck and Sennder, which we invested in at a very similar stage of their lifecycle, and believe Amitruck has the potential to become equally as successful.” Sennder is a Berlin-based European digital freight brokerage firm.
For Dynamo, which largely invests in the US and to a lesser extent Europe, this is understood to be its first African startup bet. It has also made a couple of off-geography investments. These include Goa, India-based fleet telematics company Numadic and Dubai-based heavy equipment fulfilment venture Tenderd.
The Dynamo team is made up of Ted Alling and Barry Large, who previously built Access America Transport, a logistics business that subsequently merged with Coyote Logistics and was sold to UPS for $1.8 billion. They work along with Jon Bradford and Santosh Sankar, who have made more than 120 early-stage investments over the last decade.