• Sunday, May 19, 2024
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Chowdeck raises $2.5m in seed funding for expansion

Chowdeck raises $2.5m in seed funding for expansion

Chowdeck, an on-demand food delivery startup, has raised $2.5 million in seed funding to boost its operations and support expansion into more cities across the country.

According to a statement by the company, the seed funding round includes investment 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, Shola Akinlade and Ezra Olubi, co-founders of Paystack, Sudeep Ramani (Sportybet), Ayo Arikawe (Thrive Agric) and Karthik Ramakrishnan (Amazon) also participated as angels,” the statement said.

However, Chowdeck has acquired more than 500,000 users and more than 3,000 riders that serve eight Nigerian cities such as Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta and Asaba since its launch in October 2021.

“This new funding will enable Chowdeck to double down on its market leadership in these cities and lay the groundwork for further expansion into other Nigerian cities,” the company said.

Chowdeck highlighted that there has been a positive increase in on-demand delivery services in Nigeria which was driven by a combination of increased smartphone and internet penetration, improved payment systems, evolving consumer preferences, and a range of other factors in recent years.

“We know that Nigerians love good food, and we just want to make it as easy as possible for them to access the food they desire. Chowdeck was born to fulfil this purpose and we are committed to delivering truly excellent experiences for our customers, vendors, and riders,” Femi Aluko, CEO and co-founder of Chowdeck, said.

He expressed his excitement about the success of raising the funds that will enable them to replicate that success in more parts of Nigeria and add value to their customers, vendors, and riders.