AFRICA – Speedaf express, a China-Africa integrated logistics service provider, has closed a Series A+ financing round led by Trustbridge with participation from Northern Light Venture Capital and Vision Capital.
The investment will be used for logistics network expansion in emerging markets, IT system construction and talent team structuring.
“We sincerely thank our new and original shareholders for their trust and support of Speedaf express. This is an important milestone in the development of Speedaf express,” said Gary Suo, CEO of Speedaf express.
Vision Capital led Round A financing for Speedaf express in late 2020.
“Speedaf express has achieved rapid growth of both cross-border and local logistics business in just over a year. The rapid financing in a short period of time is the capital market’s recognition and affirmation of the team and the huge potential of the cross-border logistics market,” Liu Yiran, Partner of Vision Capital, said.
“We expect China’s supply chain to play a greater role in post-pandemic cross-border trade, while local logistics infrastructure in Africa will provide greater value along with the internetization and booming e-commerce market in Africa.”
“Our investment philosophy in the logistics industry is to find new logistics opportunities being generated by new business and invest in a market with inadequate logistics.”Wang Zhaoqian – VP, Northern Light Venture Capital
Speedaf express was founded in 2019, with ZTO Express as one of the original shareholders. It express focuses on cross-border door-to-door logistics services between China and emerging markets such as Africa, the Middle East and South Asia, and provides domestic express services, LTL, warehouse and other value-added services covering the whole region.
Relying on a self-built service network and information systems, Speedaf express creates one-stop, full tracking, and door-to-door integrated logistics service solutions.
The cross-border air and sea shipping services provided by Speedaf express cover more than 50 countries. With its localized operations, Speedaf express has launched local express and LTL networks in Ghana, Uganda, Kenya, Nigeria and Morocco.
Meanwhile, it has also established distribution centers, stations and warehouses to ensure effective nationwide coverage in those countries.
“Our investment philosophy in the logistics industry is to find new logistics opportunities being generated by new business and invest in a market with inadequate logistics,” Wang Zhaoqian, VP of Northern Light Venture Capital, said.
“Therefore, after initial communication with the Speedaf express team, we swiftly made the decision to invest. We believe Speedaf express will become a logistics giant between China and Africa by building up local service networks in Africa, and further improving air transportation networks.”
In the future, Speedaf express will further expand its express and LTL network in Africa and other emerging markets and will continue to improve the construction and operation of distribution centers, stations, vehicles and line-haul transportation, develop diversified value-added services, and strengthen information management systems.