T40 Technologies, a tech startup that is transforming Nigeria’s intercity transport and logistics industry, has secured a pre-seed funding round that will be used to re-invent Africa’s inter-city transportation and logistics business.
Led by its CEO, Folarin Olulana, the company has built a cloud-based transport and logistics operating system built for intercity service providers.
Launched in 2020, T40 creates value in the intercity transport and logistics industry in Nigeria and across Africa by digitally enabling transport companies to sell tickets, manage inventory, and generate additional revenue.
According to Folarin, “We quickly understood the challenges for service providers, which brought us full circle in understanding the problems of this industry. Our approach takes all stakeholders into account so that we can align the interests of all players in this industry and deliver value to everyone.”
Fixing Africa’s outdated intercity transportation business model will help these businesses grow while providing great customer service. Transport companies struggle with high costs and lack of alternative revenue streams, which puts a massive strain on profitability, Folarin said.
“Our solution to this problem is threefold. First, we have developed a new business model that aligns the interests of all participating stakeholders.
Next, we provide a product (platform infrastructure) that can be configured to the unique needs of the business, and finally, we help companies create new products to drive revenue growth,” explains Folarin.
Transportation companies in Africa are adopting T40’s system quickly, with 750 routes already added to its network.