Mobility Startup Renda Secures $1.9 Million Pre-Seed Funding
A logistic and mobility startup, Renda has secured a pre-seed funding round valued at $1.9 million. The round was led by Ingressive Capital and key participants included Techstars, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures.
The African-based order fulfillment company provides easy access to the end-to-end fulfillment infrastructure, enabling enterprise and e-commerce businesses to scale across Africa.
According to the CEO, the funding aims to improve the technology infrastructure, expand the market, and leverage strategic partnerships to increase their storage and delivery network.
“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. I’m excited to see how we harness the power of technology to simplify and optimize order fulfillment and retail distribution for thousands of businesses across the continent.”
Ope Onaboye – CEO & Co-Founder Renda
The platform has amassed over 300 warehousing and storage partners, more than 3,000 delivery assets, including trucks, vans, bikes, and 2,000+ cash collection partners.
Lead Investor and founder of Ingressive Capital, Maya Horgan Famodu has expressed excitement over the funding round, she said;
“As an Investor, I look forward to witnessing Renda’s continued success in revolutionizing logistics and storage across Africa and creating opportunities for businesses to flourish.”
Maya Horgan Famodu – CEO, Ingressive Capital
When it comes to investing in logistics across Africa can be very challenging due to its high-risk nature and understanding the complexities of fundraising in this rigorous industry
According to Onaboye, such businesses initially used these services separately but have realized they’re better off with a solution that offers fulfillment beyond the middle or last mile and integrates all aspects of their logistics operations over time.
