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Nigerian-based AgriFood-tech start-up Vendease delivered approximately 100 000 tons of food to restaurants in September 2021, hitting a $12.9 million transaction volume.
The recently announced $3.2 million seed round led by Global Founders Capital with participation from Y Combinator, Hustle Fund, Liquid 2 Ventures, Hack VC and Soma Capital will help the company expand its operations and build out its technology.
Vendease is solving Africa’s food supply chain problems by digitising processes and offering flexible payment systems to help food businesses grow.
Since its January 2020 founding by Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju, Vendease has grown rapidly, achieving 17x growth in revenue in the first nine months of 2021.
Don Stalter, Managing Partner, Global Founders Capital (USA), commended the team: “As a backer of one of Africa’s very first unicorns, Jumia, we’ve seen a great deal of talent in the market – and Tunde and the Vendease team are best in class both in EMEA and globally. Their laser focus and rapid growth are unprecedented, and there’s a massive opportunity ahead.”
Vendease: Accessibility as a service
Vendease built a network of farmers and food manufacturers to ensure that food businesses using its platform can get better margins, quality food produce, and fast delivery.
All transactions happen through its mobile and web apps which allow food businesses to place orders for food supplies, manage inventory, track expenses, and gain access to credit facilities.
This process saves procurement costs and man-hours, giving these businesses the convenience of focusing on delivering food experiences to consumers. Vendease has helped restaurants save approximately 5 000 man-hours in 2021 alone.
The company aims to bridge the gaps within Africa’s highly fragmented food sector by overcoming challenges and introducing efficiency through technology.
“The rising food inflation coupled with effects of COVID-19 across Africa, has positioned Vendease to scale up food systems by digitizing end-to-end processes from farm to table,” says company CEO Tunde Kara.
“We currently operate out of Lagos, Ibadan & Abuja, but this funding will act as a buoy for us, as we scale our solution to other cities across the continent.”
Learn more about the company on the Vendease website.