Logistics startup, Renda, has secured $1.9 million in pre-seed equity and debt funding.
According to a statement by the company, the equity investment of $1.3 million was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures, while the debt funding investment of $600,000 was provided by Founders Factory Africa and SeedFi.
Renda said the pre-seed funding will be utilized to technologically enhance its offerings, drive expansion to more cities in Nigeria and East Africa and grow partnership network across all active markets.
Co-founded in 2021 by Ope Onaboye, a third-time founder, and Bimbo Onaboye, an experienced automobile product manager, 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.
Renda’s competition across Africa includes Haul247, Amitruck, and Leta, among others.
Renda’s vision
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.”
The trajectory
Since its launch, Renda claims it has empowered over 500 businesses across 15 states in Nigeria and recorded up to 450% year-on-year growth. It has processed over 250,000 orders, enabling major e-commerce, manufacturing, and FMCG businesses to reach 100,000+ customers.
The company expanded to Kenya in 2023 to strengthen its footprint in Africa in line with its vision of becoming the largest and most trusted fulfillment partner for businesses in Africa.
