Renda, a logistics company based in Nigeria, has successfully secured $1.9 million in pre-seed funding, marking a significant achievement in the growing African logistics sector. The funding, comprising $600,000 in debt and $1.3 million in equity, highlights the increasing interest in this area.
The funding round attracted investment from a diverse group of backers, including Ingressive Capital, Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, SeedFi, and Vastly Valuable Ventures.
In the world of e-commerce, efficient last-mile delivery and warehousing solutions are essential. Companies like Renda, which provides warehousing, delivery, and cash collection services, are proving to be valuable partners for e-commerce companies. Renda operates on a model that relies on a network of over 5,000 partners for warehousing, delivery, and cash collection, rather than owning warehouses or trucks.
Ope Onaboye, CEO of Renda, confirmed the startup's profitability, crediting this success to the quality of customers who use their services. Since its establishment, the startup has processed 250,000 orders and serves a diverse range of businesses, including Jumia, Omnibiz, LaCasera, MarketForce, and CDcare.
Founded in 2021 by siblings Ope and Bimbo Onaboye, Renda initially served the warehousing and logistics needs of small and medium-scale enterprises (SMEs). However, they later shifted their focus to FMCG and e-commerce businesses due to higher margins. Through their app, Renda360, companies can manage their inventory, process and fulfill orders, manage deliveries and returns, and reconcile cash on delivery in real time.
Maya Horgan Famodu, Founder and Partner at Ingressive Capital, expressed excitement about partnering with Renda, noting that Renda’s technology solution addresses a critical need in the African manufacturing and e-commerce sectors.
Looking forward, Renda aims to expand into Kenya and is considering adopting a model that involves owning assets. CEO Ope Onaboye shared Renda’s vision of becoming the most trusted fulfillment partner for e-commerce and major businesses across Africa.
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