Following 18 months of building and iterating, Orda is pleased to announce the completion of its $1.1 million pre-seed raise.
The round was led by Lofty Inc Capital, and had participation from Techstars – Boulder, Magic Fund, Hustle Fund, Norrsken Foundation, Microtraction, DFS Labs, Oxford Seed Fund, Enza Capital, Agrolay Advisors, Ire Aderinokun, Jesse Ovia, Ademola Adesina, and other angel investors.
Founded by Guy Futi(CEO),Adinlewa “Fikayo” Akinwale(CTO),Mark Edomwande,Kunle Ogungbamila, and Namir El-Khouri, Orda is a cloud-based restaurant operating system built for African chefs and food business owners. Orda’s ePos, integrations, and lending solutions enable Africa’s millions of food business owners to grow and scale their businesses. With Orda, restaurants can manage end-to-end operations from one place.
Orda has developed a full-stack approach to integrating local payments, logistic companies while building inventory management, and business analytics for small to medium-sized food businesses. It says it is the only technology solution on the continent that allows restaurants to accept and process all their in-store, website, social media, Whatsapp, Jumia Food, Glovo, Bolt Food orders from one easy-to-use interface.
Speaking on the inspiration behind the technology, Guy Futi, CEO of Orda said “We kept trying to address the very real pain points of chefs, caterers and small restaurants and from that Orda grew. Before Orda, a small food business owner could spend up to 4 hours a day reconciling transactions while trying to figure out losses. We looked to alleviate that burden. In the process we noticed that food business owners were not fully integrated with local payment solutions, online sales channels, and logistic providers. This made their operations even more difficult.”
Although a relatively new technology subsector, cloud-based points of sales have been rising in popularity in recent years. A 2021 report put the global market size at $72.8 billion is expected to reach USD 116.27 billion by 2026. In the US, market leaders, Toast —which Orda is modeled after, announced revenues of $486.4 million in Q3 2021.
In Africa, Orda is believed to be among the first bottom-up software providers for restaurants. Built by an African team, the startup’s cloud-based solution factors peculiarities unique to the market. For instance, their ePos has the ability to operate in remote areas with little to no internet coverage.
“Orda was built from a near 18 months of a collaborative customer feedback loop. We listened to everything, from how African restaurants reconcile inventory, how customers pay, to how they handle logistics and more. We can confidently say that no one has done as much work as we have to build an end-to-end solution for our food business owners. We are excited to usher in much-needed digitization to the sector”, says CTO, Fikayo Akinwale.
The startup’s cloud-based solution is currently available for restaurants in Nigeria and Kenya. Gross Merchandise Value (GMV) has been growing at more than 15% week over week as Orda now processes thousands of weekly transactions.
Speaking on the raise, Idris Ayodeji Bello, Managing Partner of LoftyInc Capital said, “We loved investing in Orda because it is building the core digital infrastructure for restaurants across Africa. The team has done the hard work of figuring out the core problems that African restaurant owners are facing and is building a solution that can revolutionise the food business across the continent. LoftyInc is excited to back a solution-focused team like Orda.”
Following the raise, the startup is looking to increase its rate of growth and expansion across the continent
