A group of venture capitalists led by industry specialists, including Century Oak Capital, invested an estimated US$750,000 seed capital into Chargel, an e-logistics firm based in Senegal. 

Through this investment, the venture capitalists expressed confidence in the growth prospects of that firm specialized in networking freight companies with potential clients. They seem to have also trusted the management’s capacity to successfully carry out the project and position the firm as a leader in its sector.  

The seed fund will allow Chargel, which is still in its infancy, to embark on the first stages of its development process.  "We are super excited about the response we've received from shippers and carriers during the pilot phase, and are eager to embark on our mission to make couriering more efficient, reliable, and seamless in our region," said Moustapha Ndoye, Chargel co-founder and director.

Chargel is the second Senegal-based e-logistics firm to complete a round this year, after the US$4.5 million raised by PAPS in late January. Several investors took part in the operation. They included Proparco, Orange Group, and Enza Capital.

For venture capitalists, e-logistics is a profitable segment with considerable growth prospects because of the growing logistics demand of SMEs that need supply and the developing retail delivery segment.