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.”