By Cynthia Ezekwe
Haul247, an end-to-end logistics tech platform connecting businesses to haulage and warehousing assets in one ecosystem, has raised $3 million in a seed funding round, to optimise logistics service delivery in key African markets.
The logistics tech company noted that it will use the investment to increase its market share in Nigeria, expand to other African markets, recruit talent, develop its technology, and make logistics more accessible and efficient for businesses in Africa
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.
Sehinde Afolayan, the CEO of Haul247, is confident that this round of funding will enable the company to cement its position as Africa’s Airbnb for trucks and warehouses, and unlock Africa’s commercial potential while delivering substantial value to clients and partners.
Afolayan noted that 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, adding that over 80 per cent 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 optimise logistics service delivery in key African markets,” the CEO said.
He added that the Haul247 platform connects businesses with reliable and efficient haulage and warehousing assets, making the movement of goods across the continent easier and faster.
Also, Tokunboh Ishmael, managing partner at Alitheia Capital, expressed his delight over the opportunity to be at the forefront of optimising logistics service delivery in key African markets, adding that 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,’’ Ishmael added.
The timing of Haul247’s fundraising aligns with the critical importance of logistics for the success of the African Continental Free Trade Area (AfCFTA), as the World Economic Forum predicts a 28 per cent increase in demand for intra-African freight by 2030. This will catalyse economic benefits and transformation across the continent.