South African logistics software platform Tripplo has raised $1.8 million in a seed funding extension round, led by Futuregrowth Asset Management (representing Old Mutual Life Assurance Company South Africa) and followed by Galloprovincialis. Standard Bank of South Africa, Founders Factory Africa, and Digital Africa Ventures also participated in the round.
Tripplo was founded in 2020 by Victor Chaitezvi, a Zimbabwean entrepreneur who has over 10 years of experience in the logistics industry. It’s platform is used by over 1,000 cargo owners and transporters in the SADC region. The platform has helped to reduce the time it takes to transport goods in the SADC region by up to 30%. It has also helped to reduce the cost of transporting goods in the SADC region by up to 20%.
The startup plans to use the new capital injection to scale its logistics operations to other regions, including Kenya, Nigeria, and Ghana. Tripplo provides a logistics software platform that facilitates the safe and efficient movement of road freight cargo across the Southern African Development Community.
“We are thrilled to welcome Futuregrowth Asset Management and Galloprovincialis as strategic partners on our journey to reshape the logistics sector,” says Victor Chaitezvi, founder and CEO of Tripplo. “This funding round is a testament to the faith our investors have in our vision and our ability to disrupt the industry for the better. We are excited to accelerate our growth and continue delivering innovative solutions to our clients.”
Amrish Narrandes, Head of Private Equity/Capital at Futuregrowth Asset Management, said the movement of goods is the lifeblood of the South African economy. “This investment in Tripplo not only underscores the importance of logistics in our nation’s growth but also emphasizes the critical role of innovative management in driving such endeavors. We’re not just investing in a platform; we’re investing in a vision and a team that can truly make a difference.”
Africa’s logistics sector is worth over $250 billion, but it is highly fragmented and inefficient. Tripplo is addressing this challenge by providing a digital platform that connects shippers, transporters, and other stakeholders. The company’s platform helps to reduce costs, improve transparency, and increase efficiency.
Tripplo’s recent funding round is a sign of the growing interest in Africa’s logistics sector. The company’s expansion into new markets will help to further improve the efficiency of the sector and boost trade across the continent.
