OX Delivers Closes Oversubscribed $3.4m Funding Round
Tuesday, 25 January 2022
Building on highly successful pilot operations in Rwanda, OX Delivers announced today that its oversubscribed and EIS-eligible Seed Funding Round has been closed at $3.4m. This leverages six grant funding awards from Innovate UK, the Advanced Propulsion Centre and the Royal Academy of Engineering and brings the company’s recent funding to $6.4m. This is one of the largest raises in the African EV industry to date.
With its R&D base in Warwickshire UK and operations in Rwanda, OX Delivers is a zero-emissions smart logistics company helping customers get their goods to market via a pay-as-you-go service. The UK-based team has developed the first electric OX truck, which was featured in the UK Presidency Pavilion at COP26 and demonstrated at Cenex Low Carbon Vehicle Show.
This investment will enable expansion in both Rwanda and the UK including:
First EV trucks in operation in Rwanda demonstrating low costs
Growth of the digital platform to maximise efficiency and lower transport prices
Increase the DriverPlus team to serve more customers and build entrepreneurship
Since starting in March 2021, OX operations have grown 40% month-on-month; December revenues have led to a $180,000 annual run-rate, with 40 additional customers that month. OX Delivers continues to grow its exciting and capable team which is now 44 strong. Its new facility has just opened in Warwickshire and there are advanced plans to increase the number of OX depots and warehouse facilities in Rwanda.
‘We are so delighted that our seed investment round has been oversubscribed. This investment into our innovative pay-as-you-go logistics model and electric all-terrain truck is both recognition of the huge progress the team have made over the last 16 months and a springboard towards our vision of sustainably driving prosperous trade for the 650m people in rural Sub Saharan Africa.’ Simon Davis, Managing Director of OX Delivers.