Ghanaian retail-tech startup Tendo has raised an undisclosed amount of funding from Renew Capital to help it expand operations.
Founded in 2021 by Felix Manford, Evans Boateng, Derrick Mungai, and Primerose Katena, Tendo enables tens of thousands of individuals to launch and grow their online businesses without initial capital by connecting them with suppliers.
It boasts a robust network of over 10,000 retail resellers in Ghana and Nigeria, where it launched in 2022, reaching more than 42,000 customers with a diverse range of products including fashion, beauty, electronics, 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.”
The startup has now secured an undisclosed amount of funding from Renew Capital. Founded by Matt and Laura Davis in 2012, Renew Capital is a pan-African investment firm that manages investments for a global network of HNIs, foundations and family offices seeking financial returns and sustainable social impact.
“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 Renew Capital’s investment, Tendo plans to expand its platform, onboard more resellers and empower individuals across Africa to earn and grow a business using the power of their smartphone.
