Redaan African logistics startup, has secured $1.9 million in equity and debt financing upfront.
The investment round was led by passenger capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures and Vastly Valuable Ventureswhile the $600,000 debt financing investment provided by Founders Factory Africa and SeedFi.
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Renda is a technology solution that aggregates and provides access to end-to-end infrastructure that optimizes order fulfillment and enables businesses to scale seamlessly and efficiently across Africa.
The company was founded in 2021 by Ope Onaboye, a third founder and Bimbo Onaboyeexperienced automotive product manager.
What they say
Commenting on the fundraising, Renda co-founder, Ope Onaboye he said:
“Our vision at Renda is to become the largest and most trusted fulfillment partner for e-commerce and large enterprises across Africa. Since the beginning, we have been privileged to work with some of the largest companies in the manufacturing, FMCG, agriculture and e-commerce sectors, enabling them to expand across Nigeria.
Also commenting on the funding, Founder and Partner at Passenger Capital, Maya Horgan Famoduhe said:
“Joining forces with Renda as an investor is a strategic move for us. Renda’s technology solution addresses a critical need in Africa’s manufacturing and e-commerce ecosystems by offering seamless access to fulfillment infrastructure.
“We are particularly impressed by their track record of empowering businesses to thrive in this market and the finances 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 redoubling our focus on markets and solutions that promote trade and strengthen African currencies by facilitating exports.
“As an investor, I look forward to watching Renda’s continued success in revolutionizing logistics and warehousing across Africa and creating opportunities for businesses to flourish.”
By The Numbers
- Renda claims to be empowered more than 500 companies in 15 states of Nigeria and recorded up to 450% increase year over year.
- It has been edited more than 250,000 ordersenabling large e-commerce, manufacturing and FMCG businesses to reach 100,000+ customers.
Source: Nairametrics
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