Nigeria’s Renda Closes Pre-seed Round at $1.9M to Enhance Expansion in Nigeria & East Africa
Renda, a Nigerian order fulfilment and retail distribution startup, has closed its pre-seed round at $1.9m in equity and debt funding to enhance its offerings, drive expansion to more cities in Nigeria and East Africa, and grow its partnership network across all active markets.
The equity investment of $1.3m 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 $600k was provided by Founders Factory Africa and SeedFi.
In a statement, Ope Onaboye, CEO and Co-Founder at Renda said, “We are grateful for the investors who have bought into the Renda vision and decided to partner with us as we build the future of commerce on the continent. I’m excited to see how we harness the power of technology to simplify and optimize order fulfillment and retail distribution for thousands of businesses across the continent.”
Founded in 2021 by Ope Onaboye, a third-time founder, and Bimbo Onaboye, an experienced automobile Product Manager, Renda optimizes order fulfilment and enables businesses to scale seamlessly and efficiently across Africa.
The startup aims to become the largest and most trusted fulfilment partner for e-commerce and major businesses across Africa and has worked with some of the largest companies across manufacturing, FMCG, Agriculture and e-commerce sectors, enabling them to scale across Nigeria. Through the Renda360 solution, businesses can access flexible storage, monitor and manage their inventory, process and fulfil orders, manage deliveries and returns, and receive and reconcile cash on delivery in real-time.
The Renda360 platform features live tracking, data analytics and reporting, API Integration, eCommerce Integration, multiple payment options, an AI-powered chatbot, and many more. Using an asset-light model, Renda has built a large and robust partnership network that includes 300+ warehousing partners, 3000+ delivery partners, and 2000+ cash collection partners, enabling local and international businesses to expand easily across the continent.
Maya Horgan Famodu, Founder and Partner at Ingressive Capital, 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.”
The pre-seed funding marks a significant milestone for Renda, allowing it to accelerate its mission of simplifying and bringing ease to the process of order fulfilment and retail distribution for businesses in Africa using an asset-light model.
Since its launch, Renda 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 for e-commerce, manufacturing, and FMCG businesses, helping them to reach 100,000+ customers. It expanded to Kenya in 2023 and in February 2024, it released version 2 of its technology platform to further enable businesses to optimize logistics costs, manage risks, reduce losses, increase market penetration, gain visibility on route-to-market operations and increase profitability.
Source: techmoran.com
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