Haul247, an end-to-end logistics tech platform connecting companies to haulage and warehousing property in one ecosystem, has raised 3 million {dollars} in a seed funding spherical.
Sehinde Afolayan, the CEO of Haul247, stated in an announcement on Tuesday that the fund can be channeled into growing its market share in Nigeria and different African markets.
Mr Afolayan additionally stated that the fund would allow the corporate recruit skills, develop its know-how and cement its place as Africa’s Airbnb for vehicles 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 stated.
He additional stated that options to logistics in Africa that don’t remedy warehousing challenges can be extra pricey, inefficient, and dangerous.
“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, stated the organisation was excited to be on the forefront of optimising logistics service supply in key African markets.
Ishmael stated commerce and commerce had been the important thing lever for driving growth and would catalyse financial advantages and transformation throughout the continent.
“Our funding additional allows Haul247 to present a seamless logistics answer for transporting and storing items throughout the continent in a manner that unlocks worth and amplifies affect for people and corporations all through the worth chain.
“The timing of Haul247’s fundraising aligns with the vital significance of logistics for the success of the African Continental Free Trade Area (AfCFTA).
“Logistics performs an important position in driving growth, and the World Economic Forum predicts a 28 per cent enhance in demand for intra-African freight by 2030.
NAN
