Renda, a Nigerian logistics startup, has successfully concluded a pre-seed funding round, raising $1.9 million to fuel its growth and expansion plans.
Renda aims to simplify order fulfillment and retail distribution processes for businesses across Africa. With the newly raised capital, the startup intends to enhance its service offerings and expand into new cities in Nigeria and Kenya, where it currently operates. Renda’s strategic focus includes bolstering its partner network in these key African markets.
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The pre-seed round was led by Ingressive Capital, an African-focused early-stage venture capital firm, which contributed $1.3 million in equity funding. Other notable investors participating in the round include Techstars Toronto, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures. Additionally, Founders Factory Africa and SeedFi provided $600,000 in debt funding.
Renda offers a comprehensive infrastructure that facilitates smoother order fulfillment, including product storage, inventory monitoring, order processing, delivery management, return handling, and real-time cash-on-delivery tracking.
By partnering with third-party providers such as storage operators and delivery platforms, Renda efficiently serves its clients without owning all the infrastructure. This approach aligns with the strategies adopted by industry players like Flexport and ShipBob.
Having assisted over 500 businesses in reaching more than 100,000 customers across 15 Nigerian states and processing over 250,000 orders, Renda has evolved from serving small businesses to catering to eCommerce platforms, FMCG producers, agriculture companies, and general manufacturers.
With plans to expand into Kenya by late 2023, Renda is poised for further growth and aims to continue delivering value to its expanding clientele, which includes prominent names like Jumia, M-KOPA, OmniRetail, and Dangote.
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