Over the years, Africa’s logistics sector has been constrained by a lack of supporting infrastructure, delays in service delivery, and a pervasive informal attitude toward the industry.
Experts have argued that the value of logistical assets can ably generate half of a country's GDP as seen in the developed countries of the world. For instance, the American multinational logistics firm UPS's 2022 revenue was $100.3 billion, while DHL's was 94.4 billion euros for 2022, according to their respective company financial statements.
To catch up with the international market, Haul247, a Nigeria-based end-to-end logistics platform connecting businesses to haulage and warehousing assets, has raised a $3 million seed round to drive innovation in Africa’s logistics industry.
Founded in 2020 during the Covid-19 lockdowns by Sehinde Afolayan, Tobi Obasa and Akindele Phillips, Haul247’s founders believe that solutions to logistics in Africa that do not solve warehousing challenges will be more costly, inefficient, and risky.
Haul247 believe that this round of funding will enable the company to cement its position as Africa’s Airbnb for trucks and warehouses as well as compete with the International market at large.