Nigeria’s Haul247 raises funding to scale its logistics platform
Summary
Companies looking for warehouse facilities go through the same process, as the system allows shippers to track their goods status until they reach their destination.CEO Sehinde Afolayan founded Haul247 after terrible logistics and warehousing services affected his previous agriculture business. And despite the presence of many logistics firms, Afolayan, buoyed by his 15 years of experience in the African supply chain business, decided to launch Haul247 with his co-founders Tobi Obasa and Akindele Phillips in 2020.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 couldnt access a trailer and most of the grains had turned to powder, Afolayan narrated. Therefore, Haul247, in its ambition to become Africas Airbnb for trucks and warehouses, says its distinct offering of comprehensive warehousing services, positioning itself as a one-stop logistics solution, sets it apart from other platforms. As a result, the company, whose asset utilization is as high as 95%, according to its executives, is projecting to close the year with $5 million in annual revenue.Afolayan comments that with the new investment, Haul247 will be looking to capture more market share, to about 20%, and increase the number of multinationals on its platform to 50, easing its expansion into other African countries where they are present. 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.