In the heart of Africa, where logistical challenges have long stifled economic growth, technology is providing a beacon of hope. That’s why we’re pleased to introduce you to Haul247, one of Goodwell’s most recent additions to our uMunthu II portfolio. Based in Nigeria, this end-to-end logistics platform has emerged as a game-changer, connecting businesses to convenient haulage and warehousing options while allowing drivers and warehouse owners to optimize their incomes.

During a recent Goodwell Round Table, we got the chance to have an in-depth conversation with Sehinde Afolayan, who co-founded Haul247 with two close friends, to hear how their company is developing solutions for a this problematic yet crucial sector.

A new logistics solution born in Nigeria

Africa’s logistics sector, with its fragmented markets, inadequate infrastructure, and high transportation costs, has been a bottleneck to the continent’s economic development. These challenges result in recurring inefficiencies, delays, increased expenses, and significant losses, particularly in the agricultural sector. In this complex terrain, Nigeria, a country with a diverse geography and a population of over 200 million, stands as a critical player and the ideal location to test innovative new ideas and business models.

One of the most promising logistics solutions to emerge from the region is Haul247. Founded in 2020 by Sehinde Afolayan, Tobi Obasa, and Akindele Phillips – three friends from university –the company’s genesis is rooted in personal experience. The journey began with a random trip Sehinde took to Katina, located in the northern part of Nigeria, in search of soybeans. After witnessing the substantial post-harvest losses, he and the other co-founders decided to take matters into their own hands to improve the logistics industry.

Together, they established Haul247, a tech-driven company that considers itself the “Airbnb for haulage and warehousing in Africa”. The platform facilitates the seamless booking of trucks and warehouses across multiple African locations, empowering both small businesses and industry giants – including some of the world’s largest consumer brands companies.

Expanding their impact with Goodwell and Alitheia

Haul247 is already making a positive impact for everyone in the logistics supply chain, streamlining services for individuals, enterprises, manufacturers, and fast-moving consumer goods (FMCG) companies. The platform simplifies the entire fulfilment process, from taking an order request from a shipper to attaching a quote and matching the request with the most suitable truck and warehouse. They even offer insurance to ensure to the safety of the shipment from origin to final destination.

With this proven business model, Haul247’s next step is to expand within and beyond the borders of Nigeria, bringing their impactful approach to even more customers and increasing their transported weight from 48.1 million kg this year to a goal of 336 million kg in 2024.

Their search for a partner who shared their vision led them to Alithiea Capital and Goodwell Investments – impact investors working together to finance the growth of inclusive businesses. The company secured a total of USD 3 million in seed round in funding, including a significant contribution from uMunthu II – the Goodwell fund managed in collaboration with Alitheia.

Haul247 is an excellent match for Goodwell’s investment focus, which aims to bring high-quality basic goods and services, as well as improved livelihoods, to underserved groups across the African continent. More specifically, we were attracted to Haul247’s unique approach to the logistics sector, which unites two key verticals and uses technology to increase efficiency, putting them way ahead of the competition. Finally, our investment team valued the complementary expertise of the three founders, which provides a stable foundation for Haul247’s ongoing success.

We’re looking forward to working closely with Haul247 to provide the both the financial and non-monetary support they need to overcome the challenges of their market and realise their ever-expanding ambitions. In the next few years, some of their goals include improving technology adoption among drivers and warehouse owners, attracted new talent to their growing team, and finding smart ways to make their industry incrementally greener.

We’re confident that Haul247 is poised to scale new heights in logistics, and we’ll keep sharing stories of their achievements in the months and years ahead.

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