Entrepreneurship

Nigeria’s Haul247 secures $3m seed funding to grow market share, expand across Africa.

Nigeria’s Haul247, an end-to-end logistics tech platform connecting businesses to haulage and warehousing assets in one ecosystem, has raised US$3 million in seed funding to increase its market share in Nigeria, expand to other African markets, recruit talent, and develop its technology.

Founded by Sehinde Afolayan, Tobi Obasa and Akindele Phillips during the COVID-19 lockdowns of 2020, Haul247 is a marketplace that connects companies with shippers and storage, reducing transportation costs and maximising efficient asset use. 

The company has over 1,000 trucks on its roster and about 151,000 sqm of warehouse space across various locations, and is now set for further growth after banking a US$3 million seed round. The round was led by Alitheia Capital via its uMunthu Fund, and also involves debt funding from Investment One. The investment follows a pre-seed funding round in 2021, while last year Haul247 was selected as one of the recipients of the Google for Startups Black Founders Fund.

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CEO Afolayan said this round of funding would enable the company to cement its position as Africa’s Airbnb for trucks and warehouses. 

“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 per cent of the market is dominated by informal carriers operating with one to three vehicles,” he said.

“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. 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.”

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Tokunboh Ishmael, managing partner at Alitheia Capital, said her firm was excited to be at the forefront of optimising logistics service delivery in key African markets, as trade and commerce were key levers for driving development. 

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“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,” she said.

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