Investment holding company African Rainbow Capital (ARC), founded and majority owned by billionaire Dr Patrice Motsepe, has made an additional investment in technology-led trucking business, Linebooker.
Linebooker is majority owned by GemCap, which in turn is owned by ARC.
The company uses platform principals similar to those of the e-hailing ride service Uber. In less than 30 minutes, Linebooker connects customers with multiple pre-approved transporters, confirming availability and best price for moving freight.
“The business has become Southern Africa’s first and largest transport platform, with further growth opportunities on the rest of the African continent on the horizon,” ARC said in a statement.
Typical clients include blue-chip companies, mining companies, mega farmers as well as a range of other large and small businesses, it said.
The company handles all insurance, administration, payment and execution, from pick-up to delivery, for clients.
Together with GemCap as well as initial investors Venturen and the founding Linebooker management team, the parties have just completed a second-round investment in Linebooker. The new investment in Linebooker will support its growth ambitions over the short to medium term.
The additional investment was made to meet the rapidly increasing customer demand from various sectors and geographical regions, ARC said.
“We continue to see exciting business and investment opportunities in Africa,” said Motsepe.
“These opportunities will increase significantly and create a competitive continental and global market with the commencement of the African Continental Free Trade Area next year. We are investing in a disruptive solution that is fundamentally changing the transport industry.
“This industry will never be the same and now offers a new system that provides great value to all players.”
Published by BusinessTech: businesstech.co.za/news/technology/428614/african-rainbow-capital-expands-investment-in-linebooker/