Renda raises $1.9 Million in funding to expand operations in Nigeria & Kenya

Renda a Nigerian logistics startup has received debt funding worth US$ 600,000 plus equity funds amounting to US$ 1.3 million in its pre-seed round to scale up operations in both Nigeria and Kenya.

The funding round was led by Ingressive Capital, Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, SeedFi, Reflect Ventures, and Vastly Valuable Ventures.

The startup was established in 2021 by Ope and Bimbo Onaboye. Renda was launched in Kenya in 2023 but it needed more funding to accelerate its expansion on its second African market. Since it was launched, it has processed 250,000 orders for both advanced businesses and MSMEs. Companies operating the startup’s app can request storage facilities, actively supervise their inventory, and keep track of their deliveries.

The startup already operates within 15 Nigerian cities, partnering with e-commerce clients to provide warehousing services and deliver commodities to clients. Some of the e-commerce businesses that Renda has partnered with include: Jumia, MarketForce, M-Kopa, LaCasera, Omnibiz, and CDcare.

“The pre-seed funding will be utilized to technologically enhance Renda’s offerings, drive expansion to more cities in Nigeria and East Africa, and grow its partnership network across all active markets,” the startup announced.

“Since inception, we have been privileged to work with some of the largest companies across manufacturing, FMCG, Agriculture, and e-commerce sectors, enabling them to scale across Nigeria. We are grateful for the investors who have bought into the Renda vision and decided to partner with us as we build the future of commerce on the continent,” Ope Onaboye, CEO and co-founder of Renda said.

The integration of features like AI, data analytics, and API linkages has made the platform a haven for more than 300 warehousing partners and brought in a network of 2000 cash collection partners. Renda’s technological leverage has contributed to the startup’s rapid ascent in the logistics industry, as well as broadening the company’s profit margins.

The company has reported 450% year-on-year growth, and investors are optimistic that the startup will achieve its expansion plans seamlessly due to a rising demand for logistics solutions in the continent.

“With the current high inflation and skyrocketing prices for shipping and storage, there has never been a better time for Renda. We are doubling down on our focus on marketplaces and solutions that promote commerce and strengthen African currencies by facilitating export,” said Maya Horgan Famodu, founder and partner at Ingressive Capital.