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Motsepe’s African Rainbow Capital raises stake in Uber-like trucking firm

Motsepe’s African Rainbow Capital raises stake in Uber-like trucking firm

Aug 25, 2020

// Fin24.com

Patrice Motsepe-owned African Rainbow Capital (ARC) is increasing its interest in trucking just as the market predicts that logistics and warehousing sectors will be the big beneficiaries of the new normal ushered in by Covid-19.

ARC bought into technology-led trucking company, Linebooker in 2018 when it was just a year old. On Tuesday, it announced that it has decided to make additional investments into Linebooker but did not disclose how big of a stake it now has.

ARC said that Covid-19 has prompted businesses to look for more cost-efficient logistics solutions to increases their productivity levels which has accelerated the demand for Linebooker’s service offering.

In its website, Linebooker describes itself as South Africa’s largest online transport network. It operates similar to e-hailing ride services like Uber by connecting customers with multiple pre-approved transporters for moving freight. ARC said its typical clients include several major blue-chip companies, mining companies, mega farmers as well as a range of other large and small businesses.

“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,” said ARC chairman, Patrice Motsepe.

Published by Fin24.com: www.news24.com/fin24/companies/motsepes-african-rainbow-capital-raises-stake-in-uber-like-trucking-firm-20200825

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