South African logistics software platform Tripplo, has closed its seed funding extension round with a $1.8 million equity investment.
The round was led by Futuregrowth Asset Management (representing Old Mutual Life Assurance Company South Africa) and followed by Galloprovincialis. Standard Bank of South Africa, Founders Factory Africa, and Digital Africa Ventures also participated in the round.
“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.
The startup plans to use the new capital injection to scale its logistics operations to other regions.
Tripplo provides a logistics software platform that facilitates the safe and efficient movement of road freight cargo across the Southern African Development Community.
“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. We are excited to accelerate our growth and continue delivering innovative solutions to our clients,” added Chaitezvi.
Amrish Narrandes, Head of Private Equity/Capital at Futuregrowth Asset Management, while commenting on the new investment said 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 emphasizes the critical role of innovative management in driving such endeavours. We’re not just investing in a platform; we’re investing in a vision and a team that can truly make a difference,” he said.