Firm secures $3m to drive innovation in Africa’s logistics industry
By Lucy Ogalue
Haul247, an end-to-end logistics tech platform connecting businesses to haulage and warehousing assets in one ecosystem, has raised 3 million dollars in a seed funding round.
Sehinde Afolayan, the CEO of Haul247, said in a statement on Tuesday that the fund would be channeled into increasing its market share in Nigeria and other African markets.
Afolayan who founded the company with Tobi Obasa, and Akindele Philips, also said that the fund would enable the company recruit talents, develop its technology and cement its position as Africa’s Airbnb for trucks and warehouses.
“Alitheia Capital led the $3 million seed funding round via its uMunthu Fund. Investment One also participated in the round through debt funding.
“This investment follows a pre-seed funding round in 2021 by Khafid Gbadamosi and Horsham Gates.
“More recently, the company was selected as one of the recipients of the 2022 Google for Startups Black Founders Fund.
“Africa’s logistics sector continues to be hampered by a lack of supporting infrastructure, bottlenecks in service delivery, and a widespread informal approach to logistics business.
“Over 80 per cent of the market is dominated by informal carriers operating with one to three vehicles,” Afolayan said.
He further said that solutions to logistics in Africa that do not solve warehousing challenges would be more costly, inefficient, and risky.
“We provide a unique platform for businesses to seamlessly book trucks and warehouses across multiple geo-locations in Africa, using real-time technology, with over a thousand trucks and about 151,000 sqm of warehouse space across various locations.
“We founded Haul247 to address the supply-demand mismatch in the ecosystem, and this funding will enable us to optimise logistics service delivery in key African markets.
“Our platform connects businesses with reliable and efficient haulage and warehousing assets, making the movement of goods across the continent easier and faster.
“With the support of our investors, we will expand to new markets, recruit more talent and develop our technology to make logistics even more accessible and efficient for businesses in Africa.”
Tokunboh Ishmael, Managing Partner at Alitheia Capital, said the organisation was excited to be at the forefront of optimising logistics service delivery in key African markets.
Ishmael said trade and commerce had been the key lever for driving development and would catalyse economic benefits and transformation across the continent.
“Our investment further enables Haul247 to provide a seamless logistics solution for transporting and storing goods across the continent in a way that unlocks value and amplifies impact for individuals and companies throughout the value chain.
“The timing of Haul247’s fundraising aligns with the critical importance of logistics for the success of the African Continental Free Trade Area (AfCFTA).
“Logistics plays a vital role in driving development, and the World Economic Forum predicts a 28 per cent increase in demand for intra-African freight by 2030. (NAN)(www.nannews.ng)
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Edited by Vivian Ihechu
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