Diligence memo · auto-generated · as of July 2, 2026
Topship
Topship looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
Topship operates in Mobility / Logistics, based in Lagos, LA, Nigeria; LA, Nigeria. Flexport for African Merchants - Building the OS for Global Logistics
Sub-sector tags: B2B, E-commerce, Logistics, Supply Chain, mobility.
Capital & rounds (filed)filed
Topship has raised $2.5M in disclosed capital across 1 recorded round, aggregated from public filings. Its latest round is modeled as Seed (a $1.0M–$4.0M round).
Largest single filing: $2.5M on 2022-05-18.
Most recent recorded round closed around 2022-05-18.
Valuation (modeled)modeled
Provath models Topship at approximately $21M (range $2.0M–$98M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.58× the median modeled value of Seed Mobility / Logistics companies in 2022–2024 (24 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Last raise 4.1 yr ago; this sector typically re-raises about every 10 months.
Only one round on record and long silent — often defunct, acquired, or gone quiet.
Comparablesmixed
Capital scale ranks ahead of 81% of Mobility / Logistics peers (431 compared).
Modeled value ranks above 83% of those peers.
Closest niche peers: Amitruck, Freterium, Minturn Logistics LLC, TruckBook Logistics, Inc., Colony Logistics, Inc..
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.