Chowdeck raises $2.5m to expand on-demand food delivery in Nigeria
TLDR
- Nigerian on-demand delivery service, Chowdeck, secures $2.5 million seed funding for expansion in Nigerian market
- Chowdeck aims to expand into more Nigerian cities by year-end with the support of key investors including FounderX Ventures and YCombinator
- Strategic partnerships with major brands like Chicken Republic and Shoprite enhance Chowdeck's market position and user base
Chowdeck, a Nigerian on-demand food delivery service, has secured $2.5 million in seed funding to bolster its presence in the Nigerian market. The funding will fuel its expansion into more Nigerian cities by the end of the year.
Investors in the seed round include FounderX Ventures, True Culture Funds, Hoaq Fund, Levare Ventures, Haleakala Ventures, YCombinator, and Goodwater Capital, along with angel investors.
Despite being just two years old, Chowdeck claims to have rapidly amassed 500,000 users across eight Nigerian cities. Exclusive partnerships with major brands like Chicken Republic and Shoprite have further solidified its market position and contributed to its user growth.
Key Takeaways
The growth of on-demand delivery services in Nigeria has been fueled by factors such as increased smartphone and internet penetration, improved payment systems, and evolving consumer preferences. Food holds particular significance, with Nigerian households spending nearly 60% of their income on it, the highest globally. As online shopping continues to rise, Nigeria's food delivery market has the potential to reach $2 billion to $3 billion by 2032. This promising outlook underscores the significant opportunities for growth and innovation in the country's delivery sector.
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