Haul247, Nigerian Logistics Startup, Secures $3 Million Seed Funding to Fuel Market Expansion and Drive Innovation Across Africa
Haul247, a logistics tech platform based in Nigeria, has successfully raised $3 million in seed funding. The funding will be utilized to expand its market share within Nigeria, enter new African markets, attract top talent, and further enhance its technology.
Established by Sehinde Afolayan, Tobi Obasa, and Akindele Phillips during the COVID-19 lockdowns in 2020, Haul247 operates as a comprehensive marketplace connecting businesses with haulage and warehousing assets. By facilitating connections between companies, shippers, and storage providers, the platform reduces transportation costs and optimizes asset utilization.
With a robust fleet of over 1,000 trucks and access to approximately 151,000 square meters of warehouse space across multiple locations, Haul247 is well-positioned for further expansion following the successful seed round. The funding round was led by Alitheia Capital’s uMunthu Fund, with additional debt funding from Investment One. This investment follows a pre-seed funding round in 2021 and Haul247’s selection as one of the recipients of the Google for Startups Black Founders Fund in the previous year.
CEO Sehinde Afolayan expressed confidence that this funding round would solidify Haul247’s standing as the leading “Airbnb for trucks and warehouses” in Africa.
“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.”
Managing Partner at Alitheia Capital, Tokunboh Ishmael, expressed her firm’s enthusiasm for spearheading the optimization of logistics service provision in crucial African markets. Ishmael emphasized that trade and commerce play pivotal roles in propelling development, and Alitheia Capital is thrilled to be leading the way in this endeavor.
“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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