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2 Nigerian Startups Secures Funding From Germany-Based Venture Capitalist, GreenTec

 

The German firm, GreenTec, has always earned the reputation of backing African startups. Today, the firm has disclosed to the public that it will be backing two Nigerian mobility and logistics startups, T40 and ShapShap.


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In the past, GreenTec, has funded startups like Nigerian logistics startup, Parcel-It, Ivorian waste management startup, Coliba, Kenyan logistics startup Amitruck, Nigerian e-commerce platform Pricepally, Kenyan AI startup and insurtech startup, SuperFluid Labs, and Bismart, respectively.

As of 1st of December, 2021, the Venture Capitalist, in a bid to expand its portfolio in the logistics and mobility sector invested in both T40 and ShapShap.

Speaking of its solutions, T40, an inter-city tech transport, and mobility company stated that,

“We help intercity transport businesses modernize and unlock new revenue and financing opportunities.”

The Company has helped mobility vendors to attract and retain customers. It has also offered and still offers the solution of managing and maintaining the vehicles and fleets owned by individuals and groups using the company’s POSconsolves. It helps these vendors to market their services and offerings effectively. According to T40’s chief executive officer (CEO) and co-founder, Folarin Olulana:

 “T40 is on a mission to rebrand the subpar road transport service in Nigeria to a customer-centric and more sophisticated one. Transport companies can utilize our digitized products to achieve more profit margin and the customers can also get a pleasurable experience. With the support of an experienced start-up investor like GreenTec we are sure to reach the next stage of our growth journey,”


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The Chief Investment Officer at GreenTec, Tomi Davies, believes that intercity transportation and logistics have always been important to the economic growth of Nigeria and Africa due to population growth and urbanization. Therefore, T40 presents a solution that is not only customer-centric but also uses technology to optimize the user experience for commuters and transport companies alike. The solution is very innovative and is being implemented in a promising manner by the strong team at T40. We look forward to working with them.

On the other hand, the venture capitalist firm has also confirmed its investment plan in another Nigerian logistic startup, ShapShap. The startup focuses on deliveries in Africa’s fragmented logistics market. With its all-in-one platform, ShapShap connects drivers, customers, and merchants in deliveries within Lagos and Abuja. The company has transacted over 30,000 orders for more than 4,000 users and is working with 100 vendors.

The firm has also confirmed its investment in ShapShap. A Nigerian logistics platform that focuses on deliveries in Africa’s fragmented logistics market.

Having developed an all-in-one platform that connects drivers, customers, and merchants, ShapShap is currently facilitating last-mile deliveries in Lagos and Abuja. The company has processed over 30,000 orders for more than 4,000 users and is working with over 100 vendors. According to Eric Yong, GreenTec Capital CEO:

“ShapShap has developed an innovative approach to delivery and last-mile logistics and this can see to the creation of vast opportunities in Nigeria and Africa’s enormous informal services and business markets. The platform possesses features that enable them to offer their services to a wide range of businesses that can benefit from a scalable and efficient logistics partner.”

Featured Image Source: Finance In Motion


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Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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