T40 secures Pre-seed Funding to Re-Invent Africa’s Inter-city Transportation and Logistics

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Published: 2022-06-14
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A pre-seed funding round has been successfully completed by T40 Technologies, a tech firm that is revolutionizing the intercity transport and logistics market in Nigeria. The company, which is led by its CEO, Folarin Olulana, has developed a transport and logistics operating system that is hosted in the cloud and is designed for intercity service providers.

T40 is a digital platform that enables transportation businesses to sell tickets, manage inventory, and generate additional revenue. It is scheduled to be released in the year 2020 and will create value in the intercity transport and logistics market in Nigeria and throughout Africa.

The co-founders of T40 had personal experience with the challenges associated with making reservations for inter-city transportation in Nigeria. In 2018, they started investing in the transportation industry and providing transportation services themselves as a solution to these problems. According to Folarin, "We soon realized the issues for service providers, which brought us full circle in comprehending the problems of this industry." [Citation needed] Our strategy takes into account the needs and concerns of all relevant parties in order to bring about an alignment of the interests of all participants in this industry and to ensure that everyone benefits.

These companies will be able to expand while maintaining high levels of customer satisfaction if Africa's antiquated intercity transportation business model can be updated. It is extremely difficult for transportation businesses to turn a profit due to the combination of high operating expenses and a scarcity of alternative sources of revenue.

"There are three parts to the solution that we have devised for this issue. To begin, we have designed a brand-new business model that takes into account the needs of each of the stakeholders that are actively involved. Next, Folarin continues, "we supply a product (platform infrastructure) that can be modified to the specific requirements of the business, and ultimately, we assist businesses in developing new products that will generate revenue development."

There has already been an addition of 750 routes to T40's network, which indicates that the system is gaining popularity among African transportation providers. Transport firms that want to digitize their operations but don't want to pay for the initial setup can join the T40 network and immediately have access to T40's operations tool at no additional cost. New businesses can also join the network and apply to receive vehicles through T40's "wet-lease" solution, which provides them with professionally driven vehicles that have been completely serviced and allows them to serve more clients and open up new routes. T40 is also in the process of developing a retail network that will enable point-of-sale (PoS) agents and other types of businesses to sign up for the opportunity to sell retail bus and auto tickets on the network in exchange for a commission.

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Reflect Ventures acted as the round's primary driver, with contributions coming from Startup Wise Guys, Roselake Ventures, and a few hand-picked angel investors. According to Michael Friedman, the founder of Reflect Ventures, "T40 is making it easier for people in Africa to book transportation or send parcels from city to city in Nigeria and from Nigeria to Ghana. At the same time, it is making it easier for transportation companies to sell tickets and manage their businesses." The value proposition is unmistakable, and as a result, we went ahead and purchased our plane tickets to tag along with them.