By Dipo Olowookere
An on-demand logistics start-up in Nigeria known as Parcel-it has obtained funding support from an investor based in Germany to expand its operations and reach out to more markets.
The Germany-based investor, Greentec Capital, wants to assist the Nigerian firm grow its business to meet over 20,000 daily delivery requests around Lagos and reach its a $13 billion annual market.
Parcel-it is an alumnus of the prestigious Mr Tony Elumelu entrepreneurship scheme called Tony Elumelu Foundation (TEF).
The startup was launched in 2017 and designed to be an open marketplace for dispatching riders and available as a free downloadable app from the Google Play Store or as an API to integrate dispatching with e-commerce providers.
Parcel-it addresses common pain-points such as security through thorough screening and training of its riders, GPS tracking, and providing insurance for the packages in-transit.
Delivery riders are provided with a GPS based location device for their vehicles, which tracks the deliveries in transit and providing real-time information on the package’s journey.
GreenTec Capital Partners invests in African start-ups and SMEs with a focus on combining social and environmental impact with financial success.
The German firm has invested in Kenyan insurtech startup, Bismart earlier this year and has also supported FarmCrowdy (Nigeria), ARED (Rwanda) and AgroCenta (Ghana) in the past.
Business Post reports that the brains behind Parcel-it are Gregory Asenime (Founder, CEO), Anderson Oriahi (Lead Brand Executive) and Samson Akanbi (Technology Partner).
more recommended stories
Flutterwave Gets Fresh $35m to Expand Market Share
By Modupe Gbadeyanka A $35 million.
Telcos Can Reassign Inactive Phone Numbers—NCC
By Adedapo Adesanya The Nigerian Communications.
Google’s Alphabet Hit $1 Trillion in Market Value
By Adedapo Adesanya Google’s parent company,.
Visa Acquires Fintech Firm Plaid for $5.3bn
By Adedapo Adesanya Top financial service.
Microsoft Ends Support for Computers Running Windows 7
By Adedapo Adesanya Microsoft has said.
FG, Investors Budget N265bn for Cheap Data
By Adedapo Adesanya The Federal Government.
Airtel TV Goes Live, Partners Content Providers
Leading telecommunications services provider, Airtel Nigeria,.
FG Unveils Plans for Gradual Transition to Digital Economy
By Adedapo Adesanya The federal government.