NIGERIA – Renda, a technology solution that simplifies order fulfillment and retail distribution for African businesses, has closed a US$1.9 million pre-seed round of equity and debt funding to enhance its offerings and drive expansion.
The funding was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures. Founders Factory Africa and SeedFi provided the debt funding of US$600,000.
Renda will use the funding to technologically enhance its offerings, drive expansion to more cities in Nigeria and East Africa, and grow its partnership network across all active markets.
So far, the startup has empowered over 500 businesses across 15 states in Nigeria and expanded into Kenya last year.
Renda was launched in January 2021 by co-founders Ope Onaboye and Bimbo Onaboye.
It allows businesses to access on-demand flexible storage across Africa, track and manage their inventory across all locations, process large volumes of orders for same-day delivery, manage and track all deliveries in real-time, and manage and reconcile cash collections.
“Our vision at Renda is to become the largest and most trusted fulfillment partner for e-commerce and major businesses across Africa,” Onaboye said.
“Since inception, we have been privileged to work with some of the largest companies in the manufacturing, FMCG, agriculture, and e-commerce sectors, enabling them to scale across Nigeria.”
The Renda solution is fully asset-light, with a network of over 3,000 delivery and storage partners across Nigeria and Kenya. This enables businesses to process and fulfill large orders easily.
It is already powering much of Africa’s e-commerce sector, with customers including Omnibiz, MarketForce, Kyosk, Wabi, Jumia, and other major brands.
“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,” Onaboye added.
“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.”
Maya Horgan Famodu, founder and partner at Ingressive Capital, said joining forces with Renda as an investor was a strategic move.
“Renda’s technology solution addresses a critical need in the African manufacturing and e-commerce ecosystems, offering seamless access to fulfillment infrastructure,” she said.
“We are particularly impressed by their track record of empowering businesses to thrive in this market and financials from the start of their business.”
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