Renda, a Nigerian logistics startup that counts Jumia and MarketForce as top clients, has raised $1.9 million in pre-seed funding as interest in Afric

E-commerce logistics partner Renda raises $1.9 million to expand across Nigeria, Kenya

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2024-05-05 07:00:05

Renda, a Nigerian logistics startup that counts Jumia and MarketForce as top clients, has raised $1.9 million in pre-seed funding as interest in Africa’s logistics sector continues to grow. The funding was a mix of debt ($600,000) and equity ($1.3 million).

The logistics startup, which operates in 15 Nigerian cities, will use the funding to expand into Kenya and other Nigerian cities.

Renda’s $1.9 million pre-seed raise continues a strong year for logistics and transport startups on the continent. According to Techcabal Insights, startups in the sector raised about $151 million in Q1 2024.

The funding round was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, SeedFi and Vastly Valuable Ventures.

E-commerce companies need efficient last-mile delivery and warehousing solutions, and it may not make business sense for them to handle those parts of the business. So startups like Renda, which provide warehousing, delivery and cash collection, are valuable.