Nigeria: Ingressive Capital leads investment in Renda
Nigeria: Ingressive Capital leads investment in Renda
Renda helps businesses fulfil orders and distribute goods.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
Renda – a startup which helps businesses fulfil orders and distribute goods within Africa – has closed its pre-seed round at $1.9 million in equity and debt funding.
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.
The pre-seed funding will be utilised to technologically enhance Renda's offerings, drive expansion to more cities in Nigeria and East Africa, and grow its 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 optimises order fulfilment and enables businesses to scale seamlessly and efficiently across Africa. Through the Renda360 solution, businesses can access flexible storage, monitor and manage their inventory, process and fulfill orders, manage deliveries and returns, and receive and reconcile cash on delivery in real-time.
The Renda360 platform features end-to-end live tracking, data analytics and reporting, API Integration, e-commerce integration, multiple payment options, an AI-powered chatbot, and many more.
Using an asset light model, Renda has built a large and robust partnership network which includes 300+ warehousing partners, 3,000+ delivery partners and 2,000+ cash collection partners, enabling local and international businesses to easily expand across the continent.
Ope Onaboye, CEO and co-founder at Renda said, "Our vision at Renda is to become the largest and most trusted fulfilment 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 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 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 fulfilment infrastructure ... 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."
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.