BusinessFinancial ServicesFintechFundingLogisticsTechnology

Logistics Company OX Delivers Closes US$3m Oversubscribed Seed Funding Round

RWANDA – OX Delivers, a logistics company, has announced its oversubscribed seed funding round for building successful pilot operations in Rwanda which closed at US$3.4 million.

This leverages six grant funding awards from Innovate UK, the Advanced Propulsion Centre and the Royal Academy of Engineering and brings the company’s recent funding to a total of $6.4 million. This is yet to be the largest fund-raising in the African EV industry to date.

Its research and development (R&D) base is in Warwickshire UK and its operations are currently in Rwanda. OX Delivers is a zero-emissions smart logistics company helping customers get their goods to market via a pay-as-you-go service.

The UK-based team has developed the first electric OX truck, which was featured in the UK Presidency Pavilion at COP26 and demonstrated at Cenex Low Carbon Vehicle Show.

“We are so delighted that our seed investment round has been oversubscribed,” Simon Davis, Managing Director of OX Delivers said.

“This investment into our innovative pay-as-you-go logistics model and electric all-terrain truck is both recognition of the huge progress the team have made over the last 16 months and a springboard towards our vision of sustainably driving prosperous trade for the 650m people in rural Sub-Saharan Africa.”

The US$3.4 million investment will enable expansion in both Rwanda and the UK including First EV trucks in operation in Rwanda demonstrating low costs, growth of the digital platform to maximise efficiency and lower transport prices and increase the DriverPlus team to serve more customers and build entrepreneurship.

In the first quarter of 2021, Ox operations grew by 40% from month to month. In the last quarter of the year, revenue led to a US$180,000 annual run-rate, with 40 additional customers in December. OX Delivers continues to grow its exciting and capable team which now has 44 employees.

OX Delivers launched in Rwanda in December 2021 to piloting its electrical transport truck designed to assist creating nations battle local weather.

The new facility was opened in Warwickshire and there are advanced plans to increase the number of OX depots and warehouse facilities in Rwanda.

Source
CEO Business Africa

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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