Reflect Ventures led the round, with Startup Wise Guys, Roselake Ventures, and select angel investors also participating.
“T40 makes it simple for Africans to book transportation or ship parcels from city to city in Nigeria and from Nigeria to Ghana, while also making it simpler for transportation businesses to sell tickets and manage their operations,” Reflect Ventures founder Michael Friedman said.
“The value proposition is evident, so we bought our ticket and are riding along with them!”
T40, which was launched in 2020, adds value to the intercity transport and logistics industry in Nigeria and beyond Africa by allowing transport companies to sell tickets, manage inventory, and generate additional money digitally.
T40’s co-founders have encountered the difficulty of reserving inter-city transportation in Nigeria. To address these difficulties, they entered the transportation industry as investors and service providers in 2018.
“We immediately recognised the obstacles for service providers, bringing us full circle in our understanding of this industry’s problems,” Folarin said.
“Our methodology considers all stakeholders in order to align the interests of all industry participants and deliver benefit to everyone.”
Repairing Africa’s outmoded intercity transportation business model will allow these companies to flourish while offering excellent customer service. Transport businesses face rising expenses and a lack of alternative revenue streams, putting a significant impact on profitability.
“We have three solutions to this problem. First, we created a new business model that accords with the interests of all stakeholders,” Folarin continues.
“Following that, we offer a product (platform infrastructure) that can be tailored to the specific needs of the business, and ultimately, we assist businesses in developing new products to generate revenue development.”
T40’s system is quickly being adopted by African transportation providers, with 750 routes already added to its network. Transport businesses can join the T40 network and obtain immediate access to T40’s operations tool, which allows them to digitise their operations at no cost.
New enterprises can also join the network and apply for vehicles on T40’s “wet-lease” solution, which gives them with fully serviced vehicles driven by expert drivers, allowing them to serve more clients and develop new routes.
The Inter-City Transport And Logistics Startup is also constructing a retail network where PoS agents and other merchants can sign up to sell retail bus and car tickets on the network for a commission.