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.
Commenting on the fundraising and how it will help the company to realise its vision, CEO and Co-Founder of Renda, Ope Onaboye, said:
Also commenting on the funding, Founder and Partner at Ingressive Capital, Maya Horgan Famodu, said:
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.