Nigerian Logistics Startup Renda Secures $1.9 Million in Pre-seed Round
Nigerian logistics startup Renda, secures $1.9 million in pre-seed round to expand its end-to-end fulfilment solutions across Africa.
Per the company’s announcement, the $1.3 million equity investment was spearheaded by Ingressive Capital, with backing from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures. Additionally, Founders Factory Africa and SeedFi contributed a $600,000 debt investment.
Renda stated that the pre-seed investment will be deployed to bolster its technological infrastructure, fuel expansion into additional cities within Nigeria and East Africa and fortify its network of partnerships across all operational markets.
Commenting on the fundraising and how it will help the company to realise its vision, CEO and Co-Founder of Renda, Ope Onaboye, said:
“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. 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 optimize order fulfillment and retail distribution for thousands of businesses across the continent.”
Also commenting on the funding, Founder and Partner at Ingressive Capital, Maya Horgan Famodu, said:
“Joining forces with Renda as an investor is a strategic move for us. 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. 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 revolutionizing logistics and storage across Africa and creating opportunities for businesses to flourish.”
Co-founded in 2021 by Ope Onaboye and Bimbo Onaboye, Renda is a technology solution that aggregates and provides access to the end-to-end infrastructure that optimizes order fulfillment and enables businesses to scale seamlessly and efficiently across Africa.
