Noki Noki, a Congolese logistics firm that provides grocery delivery and shopping services, has acquired $3 million in venture capital. The business, which operates in six countries, plans to utilize the funds to expand its operations in current areas and establish a presence in other markets such as the Democratic Republic of Congo (DRC).
The funding round, led by Uma Ventures, illustrates the sustained investment in Congolese businesses, which account for the majority of investment in Central Africa. In 2023, the country raised $62 million in venture capital funding, making it the leading source of startup funding growth in Central Africa.
Jonathan Yanghat founded the firm in 2021. It offers logistics solutions such as Noki Food for meal delivery, Noki Drive for grocery shopping, and Noki Pay, an integrated payment gateway for its delivery goods. The firm, which services over 10,000 customers, claims to have registered more over 1 billion CFA francs ($167 million) in transactions in 2023.
“We began the voyage with a few motorcycles and a clear goal: to transform delivery and e-commerce across the continent. “This funding brings us closer to our goal of becoming a reference in African last-mile delivery,” said Jonathan Yanghat, CEO and co-founder, in a statement.
In Central Africa’s booming last-mile delivery industry, the logistics company competes with a number of others, including Wikko, Vanoma, and Sualoo. According to Straits Research, Africa’s last-mile delivery market is expected to reach $2.35 billion by 2030, growing at an annual pace of 8.45%.
“Jonathan Yanghat and his team have showed a deep awareness of the sector’s needs, as well as the ability to prosper as market leaders. Their vision is consistent with our approach of developing tech-enabled infrastructure, which is why we are delighted to support them in their expansion,” said Vinay Vaswani, founder of Uma Ventures.