Haul247, a Nigerian end-to-end logistics digital platform that links businesses with haulage and warehousing assets in a single platform, has raised $3 million in seed funding.
Alitheia Capital, through its uMunthu Fund, participated as the lead investor in this round, with loan financing from Investment One.
During the COVID-19 lockdowns of 2020, Sehinde Afolayan, Tobi Obasa, and Akindele Phillips founded Haul247, a marketplace that links businesses with shippers and storage, cutting transportation costs and maximizing effective asset usage.
According to CEO Afolayan, “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 percent of the market is dominated by informal carriers operating with one to three vehicles.”
“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. 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,” Afolayan added.
The company’s fleet includes more than 1,000 trucks, and its numerous storage facilities together total around 151,000 square meters.
The business hopes to grow into other African markets, hire talent, develop its technology, and boost its market share in Nigeria with fresh funding.
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