Haul247 has raised $3 million in a seed funding round for the advancement of the African logistics sector.
Haul247 is an end-to-end logistics technology platform that connects companies to haulage and warehousing assets in one ecosystem.
The transportation company will use the money to grow its share of the market in Nigeria, move into other African markets, hire new people, and improve its technology.
Alitheia Capital’s uMunthu Fund led the $3 million seed funding round. Investment One also took part in the round by giving money in the form of loans.
This funding round comes after a pre-seed funding round led by Khafid Gbadamosi and Horsham Gates in 2021. The company was recently chosen as one of the 2022 Google for Startups Black Founders Fund winners.
Sehinde Afolayan, the CEO of Haul247, is sure that this round of funding will help the company solidify its place as an Airbnb for trucks and warehouses in Africa. He said;
“Africa’s logistics industry is still being held back by a lack of supporting infrastructure, slow service delivery, and a common informal way of doing logistics business. More than 80% of the market is controlled by small carriers with one to three trucks.
Sehinde has worked in the African supply chain business for more than a decade. He thinks that logistics solutions in Africa that don’t solve problems with storage will be more expensive, less efficient, and dangerous.
“We started Haul247 to fix the mismatch between supply and demand in the ecosystem,” he said. “This funding will help us improve logistics service delivery in key African markets.”
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Haul247 links African innovation
The platform connects businesses with dependable and efficient haulage and storage assets, making continental transport easier and faster. The CEO of the company is certain that its investors will help it expand into new areas, hire more bright people, and develop its technology to make logistics for African businesses easier and more efficient.
Tokunboh Ishmael, Alitheia Capital’s managing partner, said the organisation is proud to lead logistics service delivery in important African countries. Trade and commerce fuel growth, he remarked.
Our investment will help Haul247 streamline continental logistics for moving and storing products. This unlocks value and increases its effect on individuals and enterprises across the value chain.
The African Continental Free Trade Area (AFCFTA) relies on services, although the company is raising funds. This is a crucial issue since experts worldwide believe that logistics drives growth, and the World Economic Forum projects that intra-African commodity demand will jump 28% by 2030. This will boost continental economic growth and change.
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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 square meters 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. 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.