Chowdeck Secures $2.5 Million in Seed Investment for Nigerian Startup

Pertech Venture Launch €100 m fund in Africa

Nigerian startup Chowdeck, specializing in on-demand delivery services, has successfully raised $2.5 million in seed funding.

Nigerian startup Chowdeck, specializing in on-demand delivery services, has successfully secured $2.5 million in seed funding to streamline its operations and enable expansion into additional cities across Nigeria.

This seed round attracted investments from YCombinator, Goodwater Capital, FounderX Ventures , Hoaq Fund, Levare Ventures, True Culture Funds, and Haleakala Ventures. Simon Borrero and Juan Pablo Ortega, co-founders of Rappi—Latin America’s largest online delivery platform—joined as investors alongside Shola Akinlade and Ezra Olubi, co-founders of Paystack, one of Africa’s leading fintech firms acquired by Stripe for $200 million. Additionally, angels Sudeep Ramani (Sportybet), Ayo Arikawe (Thrive Agric), and Karthik Ramakrishnan (Amazon) also contributed to the round.

Since launching in October 2021, Chowdeck has attracted over 500,000 users and more than 3,000 riders serving eight Nigerian cities: Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta, and Asaba. This new funding will bolster the startup’s market leadership in these cities while also providing the foundation for future expansion into additional Nigerian markets.

The rapid growth of on-demand delivery services in Nigeria has been fueled by rising smartphone adoption and increased internet access. This trend is particularly noticeable in cities where heavy traffic makes it difficult for residents to shop for groceries, meals, and other goods. Delivery services that save people time have become more appealing as a result. With many of the challenges that previously impeded the development of such services now being addressed, the growth trajectory is expected to persist.

“As we know, Nigerians have a love for quality food, and our goal is to make it as convenient as possible for them to access their desired dishes. Chowdeck was created with this purpose in mind, and we’re committed to providing excellent experiences for our customers, vendors, and riders. We’re thrilled with our progress so far and excited about securing these funds, which will allow us to replicate our success across more parts of Nigeria, adding value to our customers, vendors, and riders in every way possible,” stated Femi Aluko, CEO and co-founder of Chowdeck.

Chowdeck has swiftly gained recognition throughout Nigeria, standing out for its commitment to exceptional standards. They tackle a complex and expansive challenge, particularly in Africa, by delivering goods at unprecedented speeds. I’m thrilled they’ve demonstrated that opportunities extend beyond restaurants and supermarkets. The team has secured significant partnerships with Shoprite, Chicken Republic, and KFC, showcasing their tenacity. Their customers and riders are both enthusiastic supporters. There’s so much potential ahead, and I’m excited to join them on this journey,” remarked June Angelides, Partner at Levare Ventures.



What do you think?

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Leave a Reply

Your email address will not be published. Required fields are marked *

Kenyan Innovators Selected for Google’s AI Growth Initiative

Twiga Foods, GreenTech, AgroCenta, Kenya, Ghana, Nigeria, Farmcrowdy,

iProcure, Kenyan Agritech Firm, Enters Administration Amid Financial Woes