$2.5M Raised by Topship Seed Round

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Topship on Monday, May 16, 2022, stated that it has raised a $2.5 million seed round to aid retailers with international shipping. Topship is a digital freight forwarder based in Nigeria that recently finished the YC winter batch.

It was created in 2020 when Moses Enenwali, the company’s co-founder and CEO, noted an upsurge in merchants’ requests for package and cargo shipping outside of Nigeria.

READ: Fintech Investment: Interswitch Receives $110M

The round was led by Flexport. Other participants include Y Combinator, Soma Capital, Starling Ventures, Olive Tree Capital, Capital X, and True Capital, while some of the individual investors in the round include Immad Akhund, Mercury CEO, and Arash Ferdowsi, co-founder of Dropbox.

Topship wants to make shipping as simple as possible for African businesses to export and import parcels and cargo to their customers, suppliers, and distributors worldwide.

The company says it enables 1,500 merchants to ship cargo and parcels from Nigeria to over 150 countries.

READ: $50 Million Raised in Series B Round by Paymob

Although it can assist Nigerian merchants in receiving parcel deliveries from other countries, it can only accept cargo deliveries from the United States, the United Kingdom, and China.

The new funding provides Topship with sufficient funds to proceed and begin operations in Ghana, Tanzania, and Kenya.

Also, a portion of the investment would go toward improving its asset-light technology and developing a proprietary global shipping infrastructure to make imports and exports much faster and easier.

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