Haul247, the revolutionary logistics technology platform connecting businesses with reliable haulage and warehousing assets, has successfully raised an impressive $3 million in a seed funding round. The substantial investment will be instrumental in consolidating the company's market presence in Nigeria as well as expanding its operations to other key African markets. Additionally, the funding will facilitate talent acquisition and the further advancement of their cutting-edge technology.
The seed funding round was led by Alitheia Capital's uMunthu Fund, with significant participation from Investment One through debt funding. This round builds upon the pre-seed funding received in 2021 from notable investors Khafid Gbadamosi and Horsham Gates. Haul247 also attained recognition as one of the distinguished recipients of the highly coveted 2022 Google for Startups Black Founders Fund.
Sehinde Afolayan, the visionary CEO of Haul247, expressed utmost confidence in the company's future prospects, citing the funding round as a significant milestone that solidifies their position as Africa's premier "Airbnb for trucks and warehouses." Afolayan highlighted the persistent challenges faced by the African logistics sector, including the lack of supporting infrastructure, service delivery bottlenecks, and the prevalence of informal logistics practices. Notably, informal carriers with fleets of one to three vehicles dominate over 80% of the market.
With an extensive decade-long experience in the African supply chain industry, Afolayan stressed the critical need for comprehensive logistics solutions that address both transportation and warehousing challenges. He underlined the potential pitfalls of neglecting warehousing inefficiencies, which result in increased costs, inefficiency, and heightened risk. The founding of Haul247 was borne out of a mission to bridge the supply-demand gap in the ecosystem, and the recent injection of funding will empower the company to optimize logistics service delivery across key African markets.
Haul247's user-friendly platform seamlessly connects businesses with dependable and efficient haulage and warehousing assets, revolutionizing the movement of goods across the continent by simplifying and expediting processes. Afolayan expressed utmost confidence in the startup's ability to leverage the support of their investors to penetrate new markets, attract top-tier talent, and enhance their technology, thereby making logistics even more accessible and efficient for businesses throughout Africa.
Tokunboh Ishmael, Managing Partner at Alitheia Capital, shared his excitement about spearheading the optimization of logistics service delivery in key African markets, recognizing the integral role of trade and commerce in driving overall development. Ishmael emphasized that their investment in Haul247 would empower the company to provide a seamless logistics solution for transporting and storing goods across the continent, ultimately unlocking value and amplifying impact for individuals and companies operating within the entire value chain.
The successful seed funding round for Haul247 underscores the increasing recognition of the immense potential within Africa's logistics industry, positioning the company as a catalyst for transformative change in the sector. With unwavering support from investors and a commitment to innovation, Haul247 is poised to reshape Africa's logistics landscape, driving economic growth and development throughout the continent.
Play audio
No comments