Speedaf Express, a China-Africa integrated logistics service provider, has announced the completion of its Round A+ financing. The round was led by TRUSTBRIDGE, followed by Northern Light VENTURE CAPITAL, and VISION+CAPITAL on the basis of Round A.
The tens of millions of dollars raised in this round will be mainly used for logistics network expansion in emerging markets, IT system construction, and talent team structuring. The firm says it wants to build the No.1 brand for China-Africa logistics.
Speedaf express was founded in 2019, with ZTO Express as one of the original shareholders. It 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.
“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. We are very optimistic about the development prospects of China-Africa cross-border logistics and local logistics business in Africa, and are committed to bringing advanced management concepts and operation models from China’s express industry to Africa.” Gary Suo, CEO, Speedaf express said.
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. In the future, Speedaf express says 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.
Wang Zhaoqian, Vice President, Northern Light VENTURE CAPITAL said they 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.”
The African logistics market has shown rapid growth in recent years thanks to accelerated urbanization, the development of new distribution channels such as e-commerce, and the growth of an FMCG retail sector. Data shows that the sub-Saharan Africa e-commerce market is expected to grow at a compound annual growth rate of approximately 22%. With the increased investment of global capital and e-commerce players, the African e-commerce market is expected to enter a period of rapid growth, resulting in greater logistics demand. In particular, the official launch of the African Continental Free Trade Area on New Year’s Day 2021 will improve the overall convenience and pace of goods’circulation in Africa, encourage more African countries to integrate into the regional and global value chains, and add new impetus and vitality to Africa’s socio-economic development.
As China-Africa economic and trade cooperation deepens, globalization and technological development will create more opportunities for the development of Africa’s logistics industry. Through continuous investment in technology and symbiotic development with partners, Speedaf express will further consolidate its leading position of China-Africa express delivery while building a last-mile logistics network covering “China-Africa”.