ShapShap Gets Additional Funding from V8 Capital Partners
By Adedapo Adesanya
Nigerian on-demand delivery startup, ShapShap, has secured a seed extension investment from V8 Capital Partners as it bids to expand its capabilities and move into more markets.
In December 2021, ShapShap raised an undisclosed seed funding from the Germany-based GreenTec Capital Partners, and it has now announced an extension to that round, secured from V8 Capital Partners through its Growth Labs Fund I.
The startup will use the new funding to expand its capabilities in last-mile delivery for businesses and individuals in Nigeria and other African countries soon.
Speaking on this development, Mr Khalil Halilu, CEO of ShapShap said, “Technology is aiding the ability for businesses globally to reach their consumers faster, and Africa is no different. We are building IP that makes last-mile logistics more effective.
“We have noticed a significant spike in distribution of goods and services through online channels and are committed to helping our clients succeed.”
On the part of Mr Tobi Oke, managing partner at V8 Capital Partners, “ShapShap’s unique approach to last-mile logistics and Khalil’s proven track record presents a unique investment opportunity.
“We are excited to partner with Khalil across various verticals working with several portfolio companies to deliver fully automated last-mile delivery infrastructure.”
Founded in 2019, ShapShap is an on-demand motorbike delivery service that utilises data and mobile technology to formalise the fragmented and highly inefficient same-day delivery service.
So far, the startup has completed over 40,000 deliveries in Lagos and Abuja.
Following the December seed, GreenTec supported ShapShap through its venture building model.
According to Mr Erick Yong, GreenTec Capital CEO, “ShapShap’s innovative approach to delivery and last-mile logistics has great potential to unlock vast opportunities in Nigeria and Africa’s enormous informal services and business markets.
“The platform’s features enable offering their services to a wide range of businesses that can benefit from an efficient and scalable logistics partner.”