TUNL secures seed funding to boost eCommerce exports from South Africa
Summary
TUNL, a South African shipping platform for eCommerce exporters, has completed a priced seed round to increase marketing support for small and medium-sized enterprises (SMEs). This move comes ten months after the startup announced its $1 million pre-seed funding to accelerate its expansion within its primary market, South Africa, and break into other key African and emerging markets.The new funding will support the startups rapid growth in the South African market, including product expansion into international payments and improved marketing support for SMEs.Craig Lowman, co-founder at TUNL, said, We want to ensure that every business, large or small, can have an equal chance to convert overseas sales. Founded in 2021 by Matthew Davey and Craig Lowman, TUNL addresses inefficiency and high shipping costs issues faced by small and medium-sized enterprises (SMEs). It supports SMEs to export more.The startup offers 50% to 80% savings on international shipping costs by leveraging AI product classification technology, novel global duty and tax tools, and excellent customer service to provide SMEs with a streamlined and automated export shipping experience.Since its last funding round in 2023, TUNL has witnessed improved monthly revenue and parcel volumes, supporting over 1,350 SMEs across various sectors. It has collaborated with South African brands, including Versus Socks, a South African premium sportswear brand, and Bambalam, a dungaree brand, to drive significant international sales growth.According to Sam Sturm, Chief Portfolio Officer and Co-founder of 54 Collective, the VCs early investment in TUNL stemmed from the belief that the challenges the startup is addressing for South African merchants are global.Also, E4Es Tatenda Nyamuda acknowledged that the startup allows eCommerce merchants and other SMEs across the continent to access new markets, addressing the significant cost-logistics barrier.Were confident that this investment will fuel their growth and have a demonstrable impact on African SME competitiveness and job creation, he concluded.