In a round led by Logos Ventures, the Senegalese logistics business, Chargel, has raised $2.5 million in seed funding. Participants of the round include Ventures Platform, DFS Labs, Foundation Botnar and Seedstars.
With this funding, more Senegalese shippers would have access to the platform. Chargel co-founder Moustapha Ndoye noted that “we are considering expanding to one other Francophone African country.”
The company obtained $750,000 in pre-seed funding last year from Century Oak Capital, Logos Ventures and other investors from Kenya, Ghana,Senegal and Nigeria. The seed investment is reportedly made up of a $500,000 debt. Hence, the amount raised is a mix of debt and equity.
With Chargel, truckers can instantly locate customers without roaming the streets with empty vehicles. Additionally, it helps shippers identify truck drivers who would transport their goods for reasonable rates.
Chargel ships to the neighboring countries of Mali, Guinea, and Mauritania from its base in Senegal.
The company had a gross merchandise volume of over $1.2 million in the previous year and it is aiming to establish a new headquarter in another Francophone nation.
