Logistics tech firm GoMetro bags R16.3m funding
Four venture capital firms have invested an additional R16.3 million in logistics tech platform GoMetro.
Kalon Venture Partners, Hlayisani Capital, Tritech Global and 4Decades Capital announced the additional funds yesterday, saying the monies will assist the start-up to accelerate expansion in SA, and enter the UK and US markets.
Esquared Investments also participated, following on from its COVID-19 Fund support in 2020.
GoMetro, a mobility management platform, will use the fund injection for key hires and to continue investment in its platform, product engineering and development.
The start-up says there are also opportunities in fleet management and it is confident its solution is competitive for the global market.
“By using our mobility management platform and digitising their entire fleet, operators can save up to 30% in operating costs by increasing overall vehicle utilisation, controlling excess mileage and managing back-office costs,” says Justin Coetzee, GoMetro CEO.
“We have also seen our customers increase the certainty and accuracy of their delivery windows by 50%.
“There is a need in the logistics and freight industry to optimise routes and operations, predict arrivals more accurately and provide real-time insights across the supply chain, which legacy systems cannot provide.
“Utilisation of the telematics and IOT, as well as other big data, is challenging the industry to make data-led decisions with the aim to improve overall margins whilst optimising overall service output.”
For the investors, Clive Butkow, Kalon Venture Partners CEO, comments: “Kalon’s investment was motivated by the exceptional GoMetro team, as well as the innovative digitisation of transport operations to better manage mobility.
“The GoMetro Fleet works with logistics providers’ existing investment in telematics, provides accurate route planning and on-time alerts, and saves them money in back-office costs and contract performance.
“We are excited to be an investor as this business continues to scale locally and globally.”