Leta, a Kenyan supply chain and logistics startup has secured a $3M pre-seed equity round led by 4Di Capital, Chandaria Capital, Chui Ventures, PANI, Samurai Incubate and Verdant Frontiers Fintech. The funding round also attracted angel investors Ken Njoroge, Founder of Cellulant and Charles Murito, Google Regional Director, SSA, Government Affairs and Public Policy.
The startup was founded in 2021 and leverages on artificial intelligence(AI) to enable efficient and automated movement of goods for businesses. The B2B firm says that its technology also reduces the number of vehicles needed for distribution which helps to save cost and increase competitiveness.
Kenyan-born tech entrepreneur Nick Joshi is the Founder and CEO of Leta and has over a decade of experience in New York startup tech. He spent the last few years hacking the efficiency of delivery management and logistics as VP of Product for delivery.com, where the company delivered 10,000 orders daily across the US. Joshi saw firsthand how delivery.com operated in New York, and by the time he left, the business operated in more than 35 states across the US. Passionate about bringing his expertise back to his home country, Joshi founded Leta with the mission to power local industries and transform their business operations.
“We are proud to be building the backend of supply chain and logistics in Africa, saving our customers 20-30% on their logistics costs.” Joshi said, “Much like the US and Europe, the supply chain and logistics industry in Africa is highly fragmented and lacks efficiency. However, in Africa, the supply chain & logistics costs are typically 60-70% higher, which is then passed to the end consumer.” He said.
The startup works with companies in the FMCG, helping them to streamline operations by tracking including optimized and automated route & load planning, fuel tracking, distance traveled, and idle time.