Nigerian logistics startup Renda has secured $1.9 million in pre-seed funding, further fueling the growth of Africa’s logistics sector. The funding, comprising $600,000 in debt and $1.3 million in equity, will enable Renda to expand its operations into Kenya and additional Nigerian cities.
With a strong presence in 15 Nigerian cities, Renda has established itself as a trusted partner for e-commerce companies like Jumia and MarketForce, providing efficient last-mile delivery and warehousing solutions.
Renda’s asset-light model, which leverages a network of over 5,000 warehousing, delivery, and cash collection partners, has proven successful, with the startup generating revenue through year-long contracts with businesses and reporting profitability.
CEO Ope Onaboye attributes the growth to the quality of customers using their solution, which includes notable businesses like Omnibiz, LaCasera, and CDcare.
Founded in 2021 by siblings Ope and Bimbo Onaboye, Renda initially focused on serving small and medium-scale enterprises before expanding to FMCG and e-commerce businesses. The startup’s app, Renda360, offers companies flexible storage, inventory management, order fulfilment, delivery management, and real-time cash reconciliation.
Ingressive Capital led the funding round, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, SeedFi, and Vastly Valuable Ventures.
According to Maya Horgan Famodu, Founder and Partner at Ingressive Capital, Renda’s technology solution addresses a critical need in African manufacturing and e-commerce ecosystems, offering seamless access to fulfilment infrastructure.