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African on-demand trucking logistics company Lori Systems has raised a Series A round led by Chinese investors Hillhouse Capital and Crystal Stream Capital.
Other participating investors included Nigeria and U.S. based EchoVC, Flexport CEO Ryan Peterson, and Nigerian founder Iyinoluwa Aboyeji.
Lori - Systems - Amount - Series - A
Lori Systems is not disclosing the amount of the Series A. DealStreet Asia reported the round amount at $30 million earlier Friday, but Lori Systems’ CEO Josh Sandler would not confirm that. That figure was “something lost in translation” and “a mischaracterization of the raise,” he told TecCrunch on a call.
The company issued a clarification to initial reporting in a Medium post. On the reason for the non-disclosure, “Lori has never released fundraising details as we feel it is a vanity metric that distracts from what matters most: our mission of lowering the...
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