Grace Ashiru
Renda has successfully closed its pre-seed funding round, securing $1.9 million through a combination of equity and debt financing. The round was led by Ingressive Capital, which invested $1.3 million in equity. Additional equity participants included Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures. Moreover, Founders Factory Africa alongside SeedFi, provided $600k in debt financing.
Launched in 2021 by experienced automotive product manager Bimbo Onaboye and serial entrepreneur Ope Onaboye, Renda is a tech platform that consolidates and provides access to comprehensive infrastructure solutions. These solutions enhance order fulfillment processes and enable businesses to expand efficiently and profitably across Africa.
With the Renda360 system, businesses can seamlessly process and fulfill orders, manage deliveries and returns, reconcile and receive cash on delivery in real time, and access flexible storage options.
The Renda360 platform also offers end-to-end live tracking, data analytics and reporting, API integration, eCommerce integration, various payment methods, an AI-powered chatbot, and many other features.
Through an asset-light approach, Renda has built a vast and resilient partnership network that includes over 300 storage partners, 3,000+ delivery partners, and 2,000+ cash collection partners.
This network simplifies the expansion of local and international enterprises across the continent.
Ope Onaboye, CEO and Co-Founder of Renda, stated, “Our vision at Renda is to become the leading and most trusted fulfillment partner for e-commerce and major businesses across Africa. Since our inception, we’ve had the privilege of working with some of the largest companies in the manufacturing, FMCG, agriculture, and e-commerce sectors, helping them expand across Nigeria.
We are grateful to the investors who believe in Renda’s vision and have chosen 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 streamline and optimize order fulfillment and retail distribution for thousands of businesses across Africa.”
Pre-seed funding marks a significant milestone for Renda, enabling the company to streamline and simplify the order fulfillment and retail distribution process for African businesses using an asset-light strategy.
Since its establishment, Renda has empowered over 500 enterprises in 15 states across Nigeria, achieving up to 450% annual growth. Through the processing of over 250,000 orders, large e-commerce, manufacturing, and FMCG enterprises have reached more than 100,000 customers. In 2023, Renda expanded to Kenya to strengthen its presence on the continent and advance its goal of becoming the largest and most reliable fulfillment partner for businesses operating in Africa.
In February 2024, Renda launched its second version of the technology platform aimed at empowering enterprises to optimize logistics costs, manage risks, reduce losses, penetrate markets, gain insights into route-to-market operations, and enhance profitability. Pre-seed funding will fuel the expansion of Renda’s partnership network across all active markets, enhance its technology offerings, and extend development into additional cities in Nigeria and East Africa.
