• Wednesday, July 17, 2024
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Renda secures $1.9m in pre-seed funding for expansion

Renda secures $1.9m in pre-seed funding for expansion

Renda, a Nigerian logistics startup, has secured $1.9 million in pre-seed funding to expand its logistics sector and partnership network in Africa.

The funding was a combination of equity investment of $1.3 million by Ingressive capital from large companies and debt funding investment of $600,000 by Founders Factory Africa and SeedFi, according to a statement.

“The pre-seed funding will be utilised to enhance and expand the company to more cities in Nigeria and East Africa, and grow partnership networks across all active markets,” the statement said.

Ope Onaboye, c0-founder of Renda said in the statement that the vision of the company is to become the largest and most trusted fulfillment partner for e-commerce and major businesses across Africa.

“Since inception, we have been privileged to work with some of the largest companies across manufacturing, FMCG, agriculture, and e-commerce sectors. We are grateful for the investors who have brought Renda’s vision and decided to partner with us as we build the future for commerce on the continent,” she added.

Maya Horgan, founder and partner at Ingressive Capital said collaborating with Renda as an investor is a strategic move for the company because Renda addresses the needs in the African manufacturing and e-commerce ecosystems.

“We are particularly impressed by their track record of empowering businesses to thrive in this market and financials from the start of their business. With the current high inflation and skyrocketing prices for shipping and storage, there has never been a better time for Renda,” he said.