In order to improve its services and spur growth, Nigeria’s Renda, a technology company that streamlines order fulfillment and retail distribution for companies throughout Africa, has closed a US $1.9 million pre-seed round of debt and equity financing.
Renda was founded in January 2021 by Ope and Bimbo Onaboye. It gives businesses access to flexible on-demand storage throughout Africa, lets them manage and track inventory everywhere, processes large orders for same-day delivery, tracks and manages all deliveries in real-time, and lets them manage and reconcile cash collections.
With a network of more than 3,000 delivery and storage partners throughout Kenya and Nigeria, the asset-light Renda solution makes it simple for businesses to handle and complete high order volumes.
Furthermore, a large portion of Africa’s e-commerce industry is already powered by it, with clients like Jumia, MarketForce, Omnibiz, Kyosk, and Wabi.
After securing a US $1.3 million pre-seed round of funding led by Ingressive Capital and including participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures, the startup is now planning subsequent growth. Founders Factory Africa and SeedFi contributed US $600,000 toward the debt financing.
With the funding, Renda plans to expand into more Nigerian and East African cities, improve its technological capabilities, and expand its network of partnerships throughout all active markets. Over 500 businesses in 15 states in Nigeria have benefited from the startup’s assistance thus far, and last year it also entered Kenya.
“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,” Onaboye 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 optimise order fulfillment and retail distribution for thousands of businesses across the continent.”
The founder and partner of Ingressive Capital, Maya Horgan Famodu, stated that partnering with Renda as an investor was a calculated decision.
“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,” she said.
“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 revolutionising logistics and storage across Africa and creating opportunities for businesses to flourish.”
