Germany-based VC firm GreenTec Capital Partners has announced undisclosed investments in two Nigerian startups – inter-city transport company T40 and logistics platform ShapShap.
GreenTec has invested in a host of African startups, including Kenyan AI startup SuperFluid Labs, Nigerian logistics startup Parcel-it, Kenyan insurtech platform Bismart, Ivory Coast-based waste management startup Coliba, Kenyan logistics platform Amitruck, and Nigerian e-commerce startup Pricepally.
It has now expanded its portfolio with two investments in the mobility and logistics sectors. T40 is an inter-city transport and logistics tech company developing solutions to help mobility service providers offer better service to their customers and increase their revenues.
The startup has developed a range of solutions designed to help mobility vendors attract and retain customers. T40’s solutions help vendors to better market their offerings, as well as better manage individual vehicles or fleets with the company’s PoS consolves and logistics platform.
“T40 is here to rebrand the subpar road transport service in Nigeria to a sophisticated and customer-centric one. With our digitised products, transport companies can achieve more profit margin and the customers a pleasurable experience. It’s a win-win. Having the support of an experienced start-up investor like GreenTec will be key to the next stage of our growth journey,” said Folarin Olulana, chief executive officer (CEO) and co-founder of T40.
“Driven by population growth and urbanisation, logistics and intercity transport have always been important to Nigeria and Africa’s economic growth. T40 presents a customer-driven solution that leverages technology to delight commuters and transport operators alike. It’s an innovative solution being executed by a strong team with promise and we look forward to working with them,” said Tomi Davies, GreenTec Capital’s chief investment officer.
The firm has also announced its investment in Nigeria’s ShapShap, a logistics platform focusing on deliveries in Africa’s fragmented logistics market. ShapShap has developed an all-in-one platform connecting customers, drivers, and merchants and is currently facilitating last-mile deliveries in Abuja and Lagos. The company has already processed more than 30,000 orders for more than 4,000 users and is working with more than 100 vendors.
GreenTec will support ShapShap through its venture building model.
“ShapShap’s innovative approach to delivery and last-mile logistics has great potential to unlock vast opportunities in Nigeria and Africa’s enormous informal services and business markets. The platform’s features enable offering their services to a wide range of businesses that can benefit from an efficient and scalable logistics partner,” said Erick Yong, GreenTec Capital CEO.
