Following the rapid growth of the African logistics industry, a Nigerian startup Renda, has secured $1.9 million in pre-seed funding. This fresh injection of capital, split between debt ($600,000) and equity ($1.3 million), will fuel Renda’s expansion into new cities within Nigeria and beyond its borders to Kenya.
Already operating in 15 Nigerian cities, Renda caters to businesses like Jumia and MarketForce by providing warehousing, delivery, and cash collection solutions. This focus on last-mile delivery and warehousing fills a crucial gap for e-commerce companies who often struggle to manage these aspects in-house.
Founded in 2021 by siblings Ope and Bimbo Onaboye, Renda initially targeted SMEs before shifting its focus to the higher-margin FMCG and e-commerce sectors. Their user-friendly app, Renda360, empowers businesses with features like flexible storage, inventory management, order fulfillment, delivery and return management, and real-time cash-on-delivery reconciliation.
To differentiate itself from many other logistics startups, Renda operates as an asset-light model, partnering with over 5,000 warehousing, delivery, and cash collection providers instead of owning the infrastructure. This strategy has proven successful, with Renda already processing over 250,000 orders and boosting profitability.
“Investing in Renda is a strategic move,” says Maya Horgan Famodu, Founder and Partner at Ingressive Capital, who led the funding round. “Their technology provides a seamless solution to a critical need in Africa’s manufacturing and e-commerce ecosystems.”
With its sights set on becoming the leading fulfillment partner for major businesses across Africa, Renda plans to leverage this funding for further expansion and potentially explore an asset-heavy model in the future.
