SA logistics start-up Tripplo raises $1.8m funding
Tripplo, a South African logistics software platform, has closed its seed funding extension round with a $1.8 million equity investment.
Futuregrowth Asset Management (representing Old Mutual Life Assurance Company South Africa) led the round, with Galloprovincialis following. Standard Bank of South Africa, Founders Factory Africa, and Digital Africa Ventures are among the new investors.
This cash infusion will be allocated to help Tripplo expand the international reach of its logistics platform, which improves logistics through transportation innovation and efficiency.
The platform enables businesses across multiple industries to streamline their road-freight supply chains, manage rates with contractors, electronically process trips end-to-end, optimise routes, track in real-time, and process documents.
"We are thrilled to welcome Futuregrowth Asset Management and Galloprovincialis as strategic partners on our journey to reshape the logistics sector," says Tripplo founder and CEO Victor Chaitezvi.
He adds: “We are excited to accelerate our growth and continue delivering innovative solutions to our clients."
"The movement of goods is the lifeblood of the South African economy," says Amrish Narrandes, head of Private Equity/Capital at Futuregrowth Asset Management.
“This investment in Tripplo not only underscores the importance of logistics in our nation's growth but also emphasises the critical role of innovative management in driving such endeavours."