Senegalese logistics company, Chargel has secured $2.5 million seed in a round led by Logos Ventures, with the participation of Ventures Platform, Foundation Botnar, DFS Labs, and Seedstars.
According to reports, the seed fund is made up of a $500,000 debt and the $750,000 pre-seed—a mix of debt and equity—that the company raised last year from Century Oak Capital and Logos Ventures, as well as famous angel investors from Senegal, Kenya, Ghana, and Nigeria.
With this investment, Moustapha Ndoye, Chargel co-founder said that "we are opening up the platform to more shippers in Senegal. We are also looking at expansion to one other Francophone African country".
Chargel allows truckers to quickly find clients without driving around with empty trucks. It also enables shippers to find truck drivers to transport their goods at affordable prices. The logistics company connects shippers and carriers, and offers value-added services like GPS tracking, discounted fuel purchases, and repair assistance to allow truckers to focus on their "core business and get shipments to their destination".
Last year, the company recorded over $1.2 million in gross merchandise volume.
From its Senegal base, Chargel delivers to neighboring countries Mali, Guinea and Mauritania. However, the company is looking to set up another base in the Francophone region. "The demand is not just in Senegal; some of the clients we work with, like Maersk for example, serve nine countries out of the Senegalese office. Of course, they want us to be in those countries," Moustapha told TechCrunch.