Nigerian Startup Renda Secures USD 1.9 M Pre-Seed Funding

Renda has closed its pre-seed round at USD 1.9 M in equity and debt funding. The equity investment of USD 1.3 M was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures, while the debt funding investment of USD 600 K was provided by Founders Factory Africa and SeedFi. 

Co-founded in 2021 by Ope Onaboye and Bimbo Onaboye, Renda is a technology solution that aggregates and provides access to the end-to-end infrastructure that optimizes order fulfillment and enables businesses to scale seamlessly and efficiently across Africa. Through the Renda360 solution, businesses can access flexible storage, monitor and manage their inventory, process and fulfill orders, manage deliveries and returns, and receive and reconcile cash on delivery in real-time. 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.