Google, Speedinvest back Kenya’s Leta, which uses AI to make logistics cheaper

African businesses pay up to four times the global average to transport goods, driving up prices for essentials like food and medicine. Logistics make up 75% of product costs on the continent, according to the African Development Bank (AfDB). Many of these businesses also rely on manual logistics, leading to delays. Nairobi-based logistics software-as-a-service provider Leta wants to change all of that. Its AI-powered platform optimizes delivery routes, tracks shipments in real time, streamlines payments, and provides businesses with shipping insights. The startup has raised $5 million in seed funding to scale its solution, which it says is helping businesses move goods cheaper and faster across the continent. European VC firm Speedinvest led the round, with backing from Google’s Africa Investment Fund and Equator, an Africa-focused climate tech fund. In November 2022, the Kenyan logistics startup raised a $3 million pre-seed from several local investors, money it used to deepen ope ... Read full article.