Haul247, an end-to-end logistics technology platform connecting businesses to haulage and warehousing assets in one ecosystem, has raised $3 million in a seed funding round. The logistics company will use the investment to increase its market share in Nigeria, expand to other African markets, recruit talent, and develop its technology.
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.
The CEO of Haul247, Sehinde Afolayan, is confident that this round of funding will enable the company to cement its position as Africa’s Airbnb for trucks and warehouses. He said;
“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% of the market is dominated by informal carriers operating with one to three vehicles.”
Sehinde Afolayan
With over a decade’s experience in the African supply chain business, Sehinde believes that solutions to logistics in Africa that do not solve warehousing challenges will be more costly, inefficient, and risky.
“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,” he said.
He further explained that the 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 its investors, the CEO is confident that the startup will expand to new markets, recruit more talent and develop its technology to make logistics even more accessible and efficient for businesses in Africa.
Tokunboh Ishmael, Managing Partner at Alitheia Capital, said the venture company is excited to be at the forefront of optimising logistics service delivery in key African markets, as trade and commerce is a key lever for driving development.
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.
Tokunboh Ishmeal
The timing of the company’s fundraising aligns with the critical importance of logistics for the success of The African Continental Free Trade Area (AFCFTA). As experts worldwide recognise that logistics plays a vital role in driving development, and the World Economic Forum predicts a 28% increase in demand for intra-African freight by 2030. This will catalyse economic benefits and transformation across the continent.
Read also: Meet the 23 Nigerian startups selected for Google’s Black Founders Fund cohort II
About Haul247
Haul247 provides a unique platform for businesses to seamlessly book trucks and warehouses, across multiple geo-locations in Africa, using real-time technology. The company has over a thousand trucks on its roster and about 151,000 sqm of warehouse space across various locations.
The company’s proprietary software enables individuals, enterprises, manufacturers, and FMCGs to book logistics services in three simple steps quickly. The software takes an order request from a shipper, attaches a quote, and then matches the request with the most suitable truck and warehouse for efficient fulfilment.
Companies looking for warehouse facilities can also use the same process, making it an efficient and versatile platform for all logistics needs. Additionally, the system allows shippers to track the status of their goods until they reach their destination.
Its founders, Sehinde Afolayan, Tobi Obasa, and Akindele Philips, are confident that the company is well-positioned to unlock Africa’s commercial potential while delivering substantial value to clients and partners.
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