TUNL, a prominent shipping platform based in South Africa that caters to ecommerce exporters, has successfully completed a seed funding round with set terms. This financial milestone was spearheaded by E4E Africa and saw contributions from notable investors such as Jonathan Smit, the founder of Payfast who has since exited the company, Jozi Angels, and a Special Purpose Vehicle (SPV) orchestrated by Utopia Capital Management.
The influx of capital is intended to bolster TUNL’s swift expansion within the South African market and to facilitate the development of new offerings, specifically in the realms of international payments and marketing assistance tailored for small and medium-sized enterprises (SMEs).
TUNL’s core objective is to bolster SMEs in their efforts to expand their export operations. The platform they offer is highly cost-effective, presenting savings ranging from 50 to 80% on international shipping fees. This is made possible through their deployment of advanced AI technology for product classification, innovative tools for managing global duties and taxes, and their commitment to exceptional customer service. These elements combine to deliver a seamless and automated export shipping process for SMEs.
Following their previous funding round, which was reported by Innovation Village in late 2023, TUNL has witnessed a remarkable growth trajectory, with their monthly revenue and the volume of parcels processed each month both doubling. The platform has become a vital resource for over 1,350 SMEs across various industries. In the past year, TUNL has achieved significant milestones, including forging partnerships with leading South African brands to facilitate substantial growth in their international sales figures.
E4E Africa, which has continued to invest in TUNL, is optimistic about the company’s future prospects. Tatenda Nyamuda from E4E Africa expressed their enthusiasm for TUNL’s vision of empowering African SMEs to compete globally. Nyamuda praised TUNL’s innovative platform for its potential to equalize opportunities for ecommerce merchants and SMEs throughout Africa, enabling them to penetrate new markets by overcoming substantial cost and logistical hurdles.
E4E Africa anticipates that their investment will accelerate TUNL’s growth and significantly enhance the competitiveness of African SMEs, ultimately leading to job creation.
Sam Sturm, the Chief Portfolio Officer and Co-founder of 54 Collective, an early supporter of TUNL, remarked on their initial investment, highlighting the universal nature of the challenges TUNL addresses for South African merchants. Sturm expressed confidence in the solutions TUNL has developed and is eager to see the company’s next developments.
Craig Lowman, a Co-founder of TUNL, has been at the forefront of the company’s expansion efforts. Lowman emphasized their commitment to democratizing international sales opportunities for businesses of all sizes by reducing the costs and complexities associated with international shipping through their platform and tools, staying true to the company’s founding mission.
