Haul247 raises $3 Million to help African businesses unlock benefits of AFCFTA
Investment will support Haul247 in increasing its market share in Nigeria, expanding to other African markets, recruiting talent, and developing its technology
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. Haul247 will use the investment to increase its market share in Nigeria, expand to other African markets, recruit talent, and develop its technology.
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. More recently, the company was selected as one of the recipients of the 2022 Google for Startups Black Founders Fund.
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. He says, “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. "
With over a decade’s experience in the African supply chain business, Sehinde believes that solutions to logistics in Africa that do not solve warehousing challenges will be more costly, inefficient, and risky. “We founded Haul247 to address the supply-demand mismatch in the ecosystem, and this funding will enable us to optimize logistics service delivery in key African markets.”
“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," he says.
Tokunboh Ishmael, Managing Partner at Alitheia Capital, adds, "We are excited to be at the forefront of optimizing 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”.
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 experts worldwide recognize, logistics plays a vital role in driving development, and the World Economic Forum predicts a 28% increase in demand for intra-African freight by 2030. This will catalyze economic benefits and transformation across the continent.
Haul247's 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.