# Topship

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/topship

- Industry: Logistics & Distribution
- Headquarters: Lagos, Nigeria
- Website: www.topship.africa
- Total disclosed funding: $2.5M
- Latest round: Seed (May 16, 2022)
- Investors on record: 7

## About

Topship Limited, founded in 2020 and based in Lagos, Nigeria, specializes in local and international delivery services, offering efficient shipping solutions to facilitate the seamless movement of goods.Topship Limited is a logistics company that provides comprehensive shipping services, including inter-state delivery within Nigeria and international shipping to over 200 cities. Founded in 2020 in Lagos, Nigeria by Moses Enenwali, who has a background in logistics, the company has raised a total of USD 2.50 mn through a SEED funding round led by Flexport, Inc. on August 22, 2022. The company has completed 3 investment deals to date and has not undergone any major pivots or changes in business operations since its inception.Topship Africa specializes in local and international delivery services, providing a comprehensive suite of shipping solutions designed to facilitate the movement of goods seamlessly. Their core offerings include inter-state delivery across Nigeria, international shipping to over 200 cities worldwide, and specialized services such as Shop & Ship, which allows customers to purchase from international stores without incurring customs fees upon shipment to Nigeria. Additional services include the importation of frozen foods, providing a convenient solution for those seeking to order international meats, poultry, and seafood, delivered within 48 hours. The company caters to a diverse clientele, including individuals, businesses, and e-commerce platforms, with a focus on markets in Nigeria, the United Kingdom, the United States, Canada, and various cities across Africa and the Middle East.Topship Africa engages in a transactional model that encompasses both B2B and direct-to-consumer interactions, with revenue generated primarily through shipping fees for their extensive range of services. Customers typically initiate transactions through the company’s platform, where they can choose between express and budget shipping options, depending on their needs. Pricing structures for services are tiered; for instance, shipping costs are calculated based on weight, with options starting from NGN 600 per kilogram for certain shipments. The company has also established partnerships with e-commerce platforms, enabling merchants to automate their delivery processes and streamline logistics. By providing tailored solutions such as their API for developers and plugins for various online store platforms, Topship enhances the shipping experience, fostering a strong value proposition for its clientele.Topship Limited has identified strategic growth initiatives, including the introduction of new specialized shipping services designed to cater to specific industry needs, expected to launch in 2023. The company also plans to expand into new markets in Africa and the Middle East by the end of 2024. Recent funding from the SEED round will support the development of technological enhancements to their logistics platform, improving service delivery efficiency and customer experience. Additionally, partnerships with international retailers are under consideration to facilitate easier cross-border shopping for their customers.

## Funding rounds

- Seed, May 16, 2022, $2.5M — Y Combinator, Starling Ventures, Flexport, Inc., Soma Capital Management, True Cresset, Olive Tree Capital, CAPITAL X,Inc.

## Investors

- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Seed
- Starling Ventures (https://capitalatlas.ai/funds/starling-ventures) — Seed
- Flexport, Inc. — Seed
- Soma Capital Management (https://capitalatlas.ai/funds/soma-capital-management) — Seed
- True Cresset — Seed
- Olive Tree Capital (https://capitalatlas.ai/funds/olive-tree-capital) — Seed
- CAPITAL X,Inc. — Seed