Renda, an African logistic startup, has secured $1.9 million in pre-seed equity and debt funding.
The investment round was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures, while the debt funding investment of $600,000 was provided by Founders Factory Africa and SeedFi.
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Renda is a technology solution that aggregates and provides access to the end-to-end infrastructure that optimizes order fulfillment and enables businesses to scale seamlessly and efficiently across Africa.
The company was co-founded in 2021 by Ope Onaboye, a third-time founder, and Bimbo Onaboye, an experienced automobile product manager.
What They’re Saying
Commenting on the fundraising, Co-Founder of Renda, Ope Onaboye said:
“Our vision at Renda is to become the largest and most trusted fulfillment partner for e-commerce and major businesses across Africa. Since inception, we have been privileged to work with some of the largest companies across manufacturing, FMCG, agriculture and e-commerce sectors, enabling them to scale across Nigeria.
Also commenting on the funding, Founder and Partner at Ingressive Capital, Maya Horgan Famodu, said:
“Joining forces with Renda as an investor is a strategic move for us. Renda’s technology solution addresses a critical need in the African manufacturing and e-commerce ecosystems, offering seamless access to fulfillment infrastructure.
“We are particularly impressed by their track record of empowering businesses to thrive in this market and financials from the start of their business. With the current high inflation and skyrocketing prices for shipping and storage, there has never been a better time for Renda. We are doubling down on our focus on marketplaces and solutions that promote commerce and strengthen African currencies by facilitating exports.
“As an Investor, I look forward to witnessing Renda’s continued success in revolutionizing logistics and storage across Africa and creating opportunities for businesses to flourish.”
By The Numbers
- Renda claims it has empowered over 500 businesses across 15 states in Nigeria and recorded up to 450% year-on-year growth.
- It has processed over 250,000 orders, enabling major e-commerce, manufacturing, and FMCG businesses to reach 100,000+ customers.
Source: Nairametrics
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