GreenTec Capital Partners, a German venture capital fund, has made undisclosed investments in two Nigerian startups: intercity transportation business T40 and logistics platform ShapShap.
GreenTec has invested in a number of African firms, including SuperFluid Labs in Kenya, Parcel-it in Nigeria, Bismart in Kenya, Coliba in Ivory Coast, Amitruck in Kenya, and Pricepally in Nigeria.
It has now added two new assets to its portfolio, both in the mobility and logistics industries. T40 is a technology business focused on intercity transportation and logistics that develops solutions to enable mobility service providers to give better service to their consumers while also increasing income.
The company has created a number of solutions aimed at assisting mobility providers in attracting and retaining clients. With the company’s PoS solutions and logistics platform, T40’s solutions let suppliers better promote their services as well as better manage individual cars or fleets.
“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.
In addition, the company announced its investment in ShapShap, a logistics platform concentrating on delivery in Africa’s fragmented logistics industry, based in Nigeria. ShapShap has created a network that connects consumers, drivers, and merchants, and is now providing last-mile deliveries in Abuja and Lagos. More than 30,000 orders have been handled for over 4,000 consumers, and the firm now works with over 100 merchants.
GreenTec’s venture building approach will assist ShapShap.
“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.
