Renda has closed its pre-seed round at $1.9m in equity and debt funding. The equity investment of $1.3m 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 $600k was provided by Founders Factory Africa and SeedFi.
The pre-seed funding will be utilized 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 optimizes order fulfillment 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 & reporting, API Integration, eCommerce 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, 3000+ delivery partners and 2000+ 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 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.”
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 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 pre-seed funding marks a significant milestone for Renda, allowing it to accelerate its mission of simplifying and bringing ease to the process of order fulfillment and retail distribution for businesses in Africa using an asset-light model.
Since its launch, Renda 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. It 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.
In February 2024, Renda released version 2 of its technology platform to further enable businesses to optimize logistics costs, manage risks, reduce losses, increase market penetration, gain visibility on route-to-market operations and increase profitability.
Onaboye added, “We are committed to maintaining our strong culture of innovation, quality, and customer satisfaction as we embark on this new growth phase. Our innovation pipeline includes the integration of artificial intelligence across our technology platforms and the rollout of embedded finance and value-added solutions for our partners. We will continue to fuel cutting-edge solutions for transportation, logistics, supply chain, and warehousing needs in Africa with the goal of making it easier for businesses to operate and scale seamlessly.’’
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