Renew Capital has contributed an undisclosed sum of money to the Ghanaian retail technology startup Tendo in order to support its growth.
Tendo, which was founded in 2021 by Felix Manford, Evans Boateng, Derrick Mungai, and Primerose Katena, connects tens of thousands of people with suppliers to help them start and expand their online businesses without needing any initial funding.
In Ghana and Nigeria, where it first opened in 2022, it has a strong network of more than 10,000 retail resellers and serves over 42,000 customers with a wide variety of products, such as electronics, fashion, beauty, and fast-moving consumer goods (FMCG).
“Our mission is to create opportunities for individuals to build businesses with minimal risk,” said Manford, co-founder and CEO of Tendo. “By providing a seamless platform that takes care of inventory and delivery, we empower anyone to start earning online from home.”
Renew Capital has now provided the startup with an undisclosed sum of money. Established in 2012 by Matt and Laura Davis, Renew Capital is a pan-African investment firm that oversees investments for a global network of family offices, foundations, and HNIs looking for both long-term social impact and financial returns.
“Tendo is transforming the way people approach entrepreneurship,” said Nicholas Clerk, investment ecosystem development manager at Renew Capital. “Their platform removes traditional barriers to entry, enabling individuals to earn income and build businesses using just their smartphones.”
With the help of Renew Capital, Tendo intends to grow its reseller network, broaden its platform, and enable people all over Africa to use their smartphones to start and grow businesses.
