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Logistics platform – Haul247 – raises $3 million in seed funding

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Nigerian end-to-end logistics platform, Haul247, which help businesses connect to haulage and warehousing assets, has raised a $3 million in its seed round.

The startup, which was co-founded by Sehinde Afolayan (who doubles as the CEO), Tobi Obasa, and Akindele Phillips in 2020, allows small businesses and large companies to book trucks and warehouses across several African states.

Although, Haul247 is not a sole player in the haulage business, the startup prides its growth in the sector on the 15 years experience of its CEO, Afolayan, in the African supply chain business. Afolayan noted that the reason for developing the haulage solution is built on an experience he had with his former business.

At my former business, I wanted to buy about three trailer loads of soya beans, and after agreeing on the price and paying for it, when I got there to where the grains were stored, I couldn’t access a trailer and most of the grains had turned to powder,” Afolayan said.

We figured we could use tech to solve problems like these for not only multinationals but also farmers,” he added.

The CEO is also of the opinion that the logistics businesses that have not provided a solution for warehousing will be expensive, inefficient, and pose risks to their customers. Haul247 claim it is in the business to cover these lapses and make itself the Airbnb for trucks and warehouses.

According to a statement by the startup, Haul247 has over 1,000 trucks registered on its platform, as well as about 151,000 square meters of warehouse space across various locations. The startup claims it has over 21 multinationals on its platform, with 16 of them being active.

Haul247’s seed round had participations from Gender-lens investing fund Alitheia Capital, which provided the equity capital. Further investment as came from Investment One, which contributed $1 million in debt financing.

Speaking on the investment, Tokunboh Ishmael, managing partner at Alitheia Capital, said:

“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.”

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