LAGOS, Nigeria, June 27, 2022 (GLOBE NEWSWIRE) -- T40 Technologies, a tech startup transforming Nigeria's intercity transport and logistics industry, has secured a pre-seed funding round. Led by its CEO, Folarin Olulana, the company has built a cloud-based transport and logistics operating system built for intercity service providers.
Launched in 2020, T40 creates value in the intercity transport and logistics industry in Nigeria and across Africa by digitally enabling transport companies to sell tickets, manage inventory, and generate additional revenue.
T40's co-founders experienced, first-hand, the difficulty of booking inter-city transport in Nigeria. In 2018, they entered the transport industry as investors and service providers themselves to solve these challenges. According to Folarin: "We quickly understood the challenges for service providers, which brought us full circle in understanding the problems of this industry. Our approach takes all stakeholders into account so that we can align the interests of all players in this industry and deliver value to everyone."
Fixing Africa's outdated intercity transportation business model will help these businesses grow while providing great customer service. Transport companies struggle with high costs and a lack of alternative revenue streams, which puts a massive strain on profitability.
"Our solution to this problem is threefold. First, we have developed a new business model that aligns with the interests of all participating stakeholders. Next, we provide a product (platform infrastructure) that can be configured to the unique needs of the business, and finally, we help companies create new products to drive revenue growth," explains Folarin.
Transportation companies in Africa are adopting T40's system quickly, with 750 routes already added to its network. Transport companies can sign up to the T40 network and gain immediate access to T40's operations tool to digitize their operations with no setup cost. New companies can likewise join the network and apply to get vehicles on T40's "wet-lease" solution, which provides them with fully serviced vehicles with professional drivers to serve more customers and open new routes. T40 is also building a retail network that will allow PoS agents and other merchants to sign-up to sell retail bus and car tickets on the network for a commission.
The round was led by Reflect Ventures with participation from Startup Wise Guys, Roselake Ventures, and select angel investors. According to Michael Friedman, founder of Reflect Ventures, "T40 is making it easy for people in Africa to book transport or send parcels from city to city in Nigeria and from Nigeria to Ghana while making it easier for transport companies to sell tickets and manage their business. The value proposition is clear, so we bought our ticket, and we are joining them for the ride!"
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