Nigeria’s Haul247 raises $3m to expand its logistics business

Haul247, a Nigerian logistics tech platform connecting businesses to haulage and warehousing assets, has raised 3 million dollars in a seed funding round.

– Key points to note

The funding round was led by Alitheia Capital through its uMunthu Fund. Investment One also participated in the round through debt funding.

The investment follows a pre-seed funding round in 2021 by Khafid Gbadamosi and Horsham Gates. Recently, the company was selected as one of the recipients of the 2022 Google for Startups Black Founders Fund.

The fund will be used to increase the company’s market share in Nigeria and other African markets, CEO Sehinde Afolayan said. The company plans to recruit talents and develop its technology.

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Haul247 allows small businesses and large companies to book trucks and warehouses across multiple locations. It has over 1,000 trucks on its platform and about 151,000 square meters of warehouse space across various locations, the company 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,” Mr Afolayan said in a statement.

“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.”

Tokunboh Ishmael, managing partner at Alitheia Capital, said the organisation was excited to be at the forefront of optimising logistics service delivery in key African markets.

Mr Ishmael said trade and commerce had been the key lever for driving development and would catalyse economic benefits and transformation across the continent.

“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,” he said.

“The timing of Haul247’s fundraising aligns with the critical importance of logistics for the success of the African Continental Free Trade Area (AfCFTA).

“Logistics plays a vital role in driving development, and the World Economic Forum predicts a 28 per cent increase in demand for intra-African freight by 2030.”