Renda, a logistics firm, has raised US$ 1.3 million in equity capital in addition to US$600,000 in debt financing during its pre-seed round to expand operations in Kenya and Nigeria.
The logistics firm, which has MarketForce and Jumia among its top clients, is already active in 15 Nigerian towns and collaborates with e-commerce companies to deliver goods to customers and handle warehousing.
Ingressive Capital, Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, SeedFi, Reflect Ventures, and Vastly Valuable Ventures led Renda’s fundraising round.
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“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.
In addition to loan funding from Founders Factory Africa and SeedFi Finance, the investment round included $1.3 million in equity and $600,000 in debt financing.
While reacting to the development, Maya Horgan Famodu, Founder and Partner at Ingressive Capital, said that joining forces with Renda is a strategic move for her firm.
“Joining forces with Renda as an investor is a strategic move for us. Renda’s technology solution addresses a critical need in the African manufacturing and e-commerce ecosystems, offering seamless access to fulfilment infrastructure,” Maya said.
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