Nigerian-based logistics platform, Haul247, has successfully raised a $3 million seed round to expand its operations across Africa. The funding was provided by Alitheia Capital, a gender-lens investing fund, in the form of equity capital, while Investment One also contributed $1 million in debt financing.

Haul247 serves as an end-to-end logistics platform that connects businesses with haulage and warehousing assets. The startup offers a comprehensive solution for booking trucks and warehouses across multiple locations in Africa. With a fleet of over 1,000 trucks and access to approximately 151,000 square meters of warehouse space, Haul247 aims to streamline logistics processes for small businesses and large companies alike.

The company's proprietary software enables individuals and enterprises to submit order requests, attach quotes, and match them with the most suitable truck and warehouse options for efficient fulfilment. The platform also allows shippers to track the status of their goods until they reach their final destinations.

Haul247 was founded by CEO Sehinde Afolayan, who was inspired to create the platform after experiencing challenges with logistics and warehousing services in his previous agriculture business. Joined by co-founders Tobi Obasa and Akindele Phillips in 2020, Afolayan leveraged his 15 years of experience in the African supply chain industry to establish Haul247.

Speaking about the launch, Afolayan revealed that,

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

Differentiating itself from other logistics platforms, Haul247 positions itself as a one-stop solution for comprehensive warehousing services, aiming to solve both trucking and warehousing challenges. By integrating haulage and warehousing into its business model, the company actively participates in primary and secondary distribution processes. Competitors in this market segment include Kobo360 and Lori.

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Haul247's technology manages internal processes, including shipment tracking and asset utilization. The company is currently developing an electronic proof of delivery feature, replacing traditional physical documents typically exchanged between suppliers and truck owners.

The platform already boasts over 21 multinationals on its platform, with 16 actively using its services. With positive unit economics and consistent revenue growth of 50% month-on-month, Haul247 projects annual revenue of $5 million by the end of the year. The company has high asset utilization, reaching up to 95% efficiency.

With the new investment, Haul247 aims to capture a larger market share, expanding its presence to other African countries. The founders believe that the timing of the fundraising aligns with the critical importance of logistics for the success of The African Continental Free Trade Area (AfCFTA), as recognized by experts worldwide. The platform intends to leverage the opportunities presented by AfCFTA to create value for stakeholders and contribute to the growth of trade and commerce in Africa.

Tokunboh Ishmael, managing partner at Alitheia Capital, expressed excitement about optimizing logistics service delivery in key African markets. Ishmael believes that Haul247's seamless logistics solution will unlock value and amplify impact throughout the value chain, benefiting individuals and companies involved in trade and commerce.

Speaking about the investment round, Ishmael revealed that,

We are excited to be at the forefront of optimizing logistics service delivery in key African markets, as trade and commerce is a key levers 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.