Renda secures $1.9m to expand logistics service across Nigeria, Kenya
TLDR
- Renda, a Nigeria-based fulfillment startup, secures $1.9 million in funding during pre-seed round led by Ingressive Capital.
- Funding allocation to enhance service offerings and expand operations into more cities in Nigeria and Kenya.
- Partnership network set to strengthen across target markets, solidifying Renda's position in the logistics landscape.
Renda, a Nigeria-based fulfillment startup operating in the logistics sector, has secured $1.9 million in funding during a pre-seed round, as reported by TechCrunch. The funding round comprises $1.3 million in equity funding and an additional $600,000 in debt financing.
The equity portion of the fundraising was spearheaded by Ingressive Capital, a pan-African early-stage venture capital firm. Other participants in the equity segment included Techstars Toronto, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures. Founders Factory Africa and SeedFi contributed the debt financing.
The funds raised will be allocated towards enhancing its service offerings and supporting its expansion into additional cities across Nigeria and Kenya, where it currently operates. Renda also aims to use the funding to bolster its partnership network across its target markets, further solidifying its position in the logistics landscape.
Key Takeaways
Efficient last-mile delivery and warehousing solutions are crucial for the success of e-commerce companies, but managing these aspects of the business may not be cost-effective for them. This has led to the emergence of startups like Renda, which offer comprehensive warehousing, delivery, and cash collection services. Renda, like many other startups in the logistics sector, operates on an asset-light model, meaning it does not own warehouses or trucks. Instead, it leverages a network of over 5,000 warehousing, delivery, and cash collection partners to fulfill orders efficiently. The company serves a range of businesses including Jumia, Omnibiz, LaCasera, MarketForce, and CDcare. Since its inception, Renda claims to have processed 250,000 orders, highlighting its significant impact and value within the e-commerce ecosystem.
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