Nigeria’s Renda, a Nigerian technology solution that simplifies order fulfillment and retail distribution for businesses in Africa, has closed a US$1.9 million pre-seed round of equity and debt funding to enhance its offerings and drive expansion.
Launched in January 2021 by co-founders Ope Onaboye and Bimbo Onaboye, Renda 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 also manage and reconcile cash collections.
The Renda solution is fully asset-light, with a network of over 3,000 delivery and storage partners across Nigeria and Kenya that enables businesses to easily process and fulfill large volumes of orders. And it is already powering much of Africa’s e-commerce sector, with customers including Omnibiz, MarketForce, Kyosk, Wabi, Jumia, and other major brands.
The startup is now planning further growth after securing a US$1.3 million pre-seed round of funding led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures. The debt funding of US$600,000 was provided by Founders Factory Africa and SeedFi.
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, while it expanded into Kenya last year.
“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.”
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. 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.”
