Nigerian logistics startup Parcel-it secures GreenTec funding

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Nigerian logistics startup Parcel-it has secured an undisclosed amount of funding from Germany-based GreenTec Capital as it expands into other verticals.

The Lagos-based Parcel-it, which launched its app in June 2017 in Lagos, has registered hundreds of users and processed more than 200 transactions, is an on-demand marketplace for dispatching riders, addressing common pain-points such as security through thorough screening and training of its riders and GPS tracking.

Parcel-it aggregates courier companies to ensure a steady supply of riders, while riders register with the platform as independent contractors, enabling them to earn additional revenue in their free time. The company also applies a “dual-pricing” strategy that allows for premium pricing on after-hours deliveries or at times of high demand.

GreenTec, which in June announced an investment in Kenyan insurtech startup Bismart, said Parcel-it was now looking at moving into the fintech space.

“As many of Parcel-it’s customers are actors on Nigeria’s large informal market, the company is developing a risk-scoring solution to facilitate loyal customers’ transaction capacities with short-term financing,” GreenTec said.

“GreenTec will work closely with Parcel-it to incorporate a robust fintech solution to help further the platform’s growth.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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