Renda has raised $1.9 million in equity and debt financing to complete its pre-seed round.
Lead investor Ingressive Capital contributed $1.3 million in equity, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures. Founders Factory Africa and SeedFi contributed $600k in debt financing.
Co-founded in 2021 by seasoned automotive product manager Bimbo Onaboye and third-time entrepreneur Ope Onaboye, Renda is a technology platform that aggregates and grants access to the end-to-end infrastructure that maximizes order fulfillment and permits enterprises to grow smoothly and profitably throughout Africa.
Businesses can process and fulfill orders, manage deliveries and returns, receive and reconcile cash on delivery in real time, and access flexible storage with the Renda360 system.
End-to-end live tracking, data analytics and reporting, API integration, eCommerce integration, several payment methods, an AI-powered chatbot, and many more capabilities are available on the Renda360 platform.
Renda has established a vast and resilient partnership network with more than 300 storage partners, 3000+ delivery partners, and 2000+ cash collection partners through the use of an asset-light approach.
This network facilitates the easy expansion of local and international enterprises throughout 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 the 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.
Pre-seed funding is a major step forward for Renda, enabling it to carry out its aim of streamlining and easing the order fulfillment and retail distribution process for African businesses by utilizing an asset-light strategy.
Since its inception, Renda has empowered more than 500 enterprises in 15 states around Nigeria, achieving up to 450% annual growth. More than 100,000 clients have been reached by large e-commerce, manufacturing, and FMCG enterprises thanks to the processing of over 250,000 orders. In 2023, it made its way to Kenya to bolster its presence on the continent and achieve its goal of becoming the biggest and most reliable fulfillment partner for companies operating in Africa.
Version 2 of Renda’s technology platform was introduced in February 2024 to facilitate enterprises’ optimization of logistics costs, risk management, loss reduction, market penetration, insight into route-to-market operations, and profitability enhancement.
Pre-seed funding will be used to expand Renda’s partnership network throughout all active markets, expand the company’s technology offerings, and push development into other cities in Nigeria and East Africa.
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