Kenyan-based fulfillment and logistics startup Sendy has announced that it has received undisclosed funding from MOL PLUS, the venture capital arm of Japanese transport company Mitsui O.S.K. Lines, Ltd.
The funding, which appears to be a bail-out fund, is expected to keep things steady at Sendy as the logistics startup figures out its next act.
The funding negotiations with MOL PLUS appear to have coincided with Sendy’s aggressive cost-cutting over the last three months.
CEO and co-founder Mesh Alloys had earlier attributed the layoffs to the current realities impacting tech companies globally.
MOL PLUS joins existing Sendy investors such as Atlantica Ventures and Toyota Tsusho Corporation to help scale fulfillment services in Kenya, Uganda, Nigeria, and Cote d’Ivoire.