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Tripplo, the Johannesburg-based logistics software platform, has successfully secured a US$1.8 million equity investment, concluding its seed funding extension round. The round was led by Futuregrowth Asset Management, representing Old Mutual Life Assurance Company South Africa, and was followed by Galloprovincialis. These two entities are now alongside Standard Bank of South Africa, Founders Factory Africa, and Digital Africa Ventures as key investors in Tripplo.
The injection of capital will significantly bolster Tripplo’s overarching ambition to establish itself as the premier global logistics platform, dedicated to revolutionising the logistics industry by fostering innovation and operational efficiency in the movement of goods.
The South Africa Freight and Logistics Market size is estimated at 21.53 billion USD in 2023, and is expected to reach 30.56 billion USD by 2029.
Victor Chaitezvi, the Founder and CEO of Tripplo, remarked, “We warmly welcome Futuregrowth Asset Management and Galloprovincialis as strategic partners in our pursuit to reshape the logistics sector.”
Amrish Narrandes, Head of Private Equity/Capital at Futuregrowth Asset Management, expressed his enthusiasm about the investment, underscoring the pivotal role logistics plays in the South African economy. Narrandes commented, “This investment in Tripplo not only highlights the significance of logistics in our nation’s growth but also underscores the crucial role of innovative management in driving such endeavors. We are not just investing in a platform; we are investing in a vision and a team that can truly make a difference.”
Tripplo has garnered praise for its distinctive approach, which has brought about a transformative impact on the logistics landscape. Through the adept use of cutting-edge technology, Tripplo empowers businesses across diverse sectors to streamline their road-freight supply chains, negotiate rates with contractors, electronically process trips from end to end, optimise routes, enable real-time tracking, manage documents, facilitate working capital for trucks, and make data-driven decisions aimed at reducing costs and enhancing overall efficiency.
Victor Chaitezvi stated, “This funding round attests to the confidence our investors have in our vision and our capacity to positively disrupt the industry. We look forward to accelerating our growth and continuing to provide innovative solutions to our clients.”
Tripplo’s unwavering commitment to innovation, bolstered by the support of its investors, firmly positions the company at the forefront of logistics technology. In an industry that is ever-evolving, Tripplo’s platform is primed to assume a pivotal role in enabling businesses to thrive in an increasingly interconnected world.