OnePort 365, a digital freight forwarding startup that transports cargo easily to, from, and within Africa, has secured $5 million in seed capital. This is to assist its expansion into new markets throughout the continent and to push end-to-end digitisation of freight management in Africa.
Mobility 54 (the Venture Capital branch of Toyota Tsusho and CFAO Group) led the seed fundraising round. SBI Investment, Flexport, ODX, a Singaporean syndicate fund, and other strategic angel investors. After participating in the previous round, Samurai Incubate re-invested.
Air freight, ocean freight, inland haulage (trucking, barge, and rail), Pay-As-You-Go warehousing, marine insurance, customs brokerage, and more are all covered by the platform.
Since its inception in 2019, OnePort 365 has expanded its revenue by more than 420 per cent and increased the number of twenty-foot equivalent unit containers (TEUs) by 140 per cent.
What to expect
Africa is becoming increasingly important in global marine trade, accounting for 12% of the 811 million containers processed by ports globally. The clearing and forwarding business in Africa is also expanding, with recent data estimating a market size of $4.2 billion and a predicted 12.5 percent growth with additional services.
However, a slew of issues, including port congestion, trouble finding reliable service providers, and complicated payment systems, have resulted in higher costs, inefficiencies, and a slew of missed opportunities for traders.
OnePort 365 is developing an operating system for cross-border trade in Africa, with active operations in Nigeria and Ghana and ongoing explorations in other markets. The company is assisting traders in managing their freight processes through a digital platform that enables seamless freight forwarding and other value-added services.
With this fresh capital, OnePort 365 will be able to improve efficiency and minimise overheads in cross-border trading across the continent, as well as provide a variety of new services that will boost overall profitability.
Traders no longer have to wait up to two weeks to compare the best rates from various service providers. With OnePort 365, they can explore comparative offers on the platform and book freights in 30 seconds or less using pre-negotiated rates. Traders can also interact with shipping and inland transportation vendors on one platform and handle the complete process (from booking to payment).
Traders have GPS-enabled, the real-time sight of their shipments, as well as access to all related documentation via the platform, which eliminates the time-consuming procedure of physically retrieving these documents from offices or shipping line centres. To support fast payments, the platform also makes use of developments in payment technology and the Pan-African Payment and Settlement System (PAPSS).
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About OnePort 365
Established in 2019, OnePort 365 is a market-leading freight forwarding platform that allows traders transport cargo efficiently and conveniently to, from, and within Africa, using advanced technology.
Its mission goal is dedicated to making freight forwarding easier for exporters and importers by giving complete transparency, visibility, and control, reducing costs and eliminating time and effort inefficiencies associated with traditional supply chain management approaches.
Following the fundraising, Hio Sola-Usidame, CEO and founder of OnePort 365, expressed gratitude to the investors and reminded the public of the company’s ultimate goal of cross-border trading.
With new regulations like the Africa Continental Free Trade Agreement creating the potential for a new era of trade on the continent, we want to make it easier for traders to maximise the opportunity. We believe managing freights should be as easy as booking a flight or ordering a ride-hailing service and we are building the operating system to make this possible.Hio Sola-Usidame, CEO and founder of OnePort 365
Takeshi Watanabe, CEO of Mobility 54 Investment SAS and a key investor, voiced his entire support and trust in OnePort 365’s future in Africa.
About Mobility 54 Investment
Mobility 54 Investment SAS (Mobility54) is dedicated to using innovative mobility technologies and services to address societal concerns in Africa.
In October 2019, Toyota Tsusho Corporation and CFAO formed Mobility 54 Investment SAS as a group joint venture. Mobility 54 invests in firms with innovative mobility solutions and services that have the potential to address Africa’s societal concerns. Mobility54 is committed to assisting creative partners who are part of the Toyota Tsusho and CFAO group, which has a wide and on-the-ground network of automotive operations throughout Africa.
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