Nigerian end-to-end logistics technology platform that connects companies to haulage and warehousing service, Haul247, has secured $3 million in a seed round to expand operations to other African markets.
The funding round was led by Alitheia Capital which provided the equity capital and investment from Investment One which contributed $1 million in debt financing. This investment follows a pre-seed funding round in 2021 by Khafid Gbadamosi and Horsham Gates.
Speaking on the funds secured, Haul247 CEO Sehinde Afolayan said,
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“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. We founded Haul247 to address the supply-demand mismatch in the ecosystem, and this funding will enable us to optimize 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”.
Founded by Sehinde Afolayan, Tobi Obasa, and Akindele Phillips in 2020, Haul247 provides a platform for businesses to seamlessly book trucks and warehouses across multiple geo-locations in Africa using real-time technology. Across its platforms, all logistics processes are blazing fast because of the company’s efficient partners and digital servers that anchor our work.
The Haul247 platform matches orders with available assets through an Airbnb-style model for trucks and warehouses. Partners are assured of reverse hauling, and shippers are charged less than they usually pay.
Whether you are an individual, farmer, FMCG, or manufacturing company, Haul247 will complement your supply chain process by providing movement and storage of your goods as well as providing valuable insights on tracking. The startup is committed to simplifying haulage solutions for Africa with value-driven services & 99.9% service uptime.
As of November 2022, the startup has onboarded 14 enterprise and FMCG businesses and also has over 1,000 trucks on its roster, with about 150,000 sqm of warehouse space available across multiple locations. The company currently operates only in Nigeria but is looking to expand into other African countries over the next couple of years. The goal is to ensure that more businesses across Africa can tap into trade opportunities that the AfCFTA will unlock.
Haul247 is trusted by leading brands which include PZ Cussons, Unilever, CWAY Group, Promasidor, Honeywell Flour Mills, GB Foods, Cormart, and Reckitt, amongst several others.