Haul247, an end-to-end logistics tech platform, has raised $3 million in a seed funding round to boost its market share in Nigeria and expand to other African markets.
The investment round was led by Alitheia Capital 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.
Founded in 2020 by Sehinde Afolayan, Tobi Obasa, and Akindele Philips by providing a 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.
Sehinde Afolayan, the CEO of Haul247 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.
“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, adds, “We are 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.”