Johannesburg-based logitech firm Tripplo has secured a $1.8 million (R33.8 million) equity investment to close out its seed funding extension round.
The latest funding round was led by Futuregrowth Asset Management (representing Old Mutual Life Assurance Company), and followed by Galloprovincialis. The two investors join Standard Bank, Founders Factory Africa and Digital Africa Ventures.
“We are thrilled to welcome Futuregrowth Asset Management and Galloprovincialis as strategic partners on our journey to reshape the logistics sector,” says Victor Chaitezvi, founder and CEO of Tripplo.
Amrish Narrandes, head of private equity/capital at Futuregrowth Asset Management, comments: “The movement of goods is the lifeblood of the South African economy. 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.”
Tripplo provides a logistics software platform that it says facilitates the safe and efficient movement of road freight cargo across the Southern African Development Community.
The company aims to empower businesses across multiple sectors to streamline their road-freight supply chains, manage rates with contractors, process trips end-to-end electronically, optimise routes, track in real-time, process documents, facilitate working capital for trucks and make data-driven decisions that reduce costs and enhance overall efficiency.
“This funding round is a testament to the faith our investors have in our vision and our ability to disrupt the industry for the better,” concludes Chaitezvi.
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