In order to solidify its growth and operations in Nigeria and to support its expansion throughout the continent, Vendease, a Y Combinator-backed digital platform that enables restaurants in Africa to make supplier purchases, access banking services, and manage their businesses, has raised $30 million.
When it comes to investing in Africa, TLcom and Partech are two of the largest names in the industry, so it’s not surprising that they lead the $20 million capital round together.
VentureSouq, Hustle Fund, Hack VC, GFR Fund, Kube VC, Magic Fund, and Kairos Angels, who had previously invested, also took part in the equity round.
The local finance market provided funding for the $10 million debt round.
Thanks to Vendease’s digital procurement engine, restaurants in towns all around Nigeria and Ghana can now buy food supplies at rates that are much lower than those found on the open market, with a 12-hour delivery guarantee.
company is working on an operating system that will automate the transportation of food from farmers to restaurants, streamline business processes along the value The chain, reduce waste, and boost profitability.
According to Tunde Kara, CEO and co-founder of Vendease, “Our goal is to enable the efficient flow of food across the continent, from point of production to point of consumption.” It’s more than just placing supply orders; we aim to transform the entire sector and remove the barriers that prevent the growth of restaurants and food businesses. We think we can increase prospects for growth across the board by increasing the efficiency of the supply chain, which is why we are excited to have raised this round, which was co-led by two of Africa’s biggest VCs and who are aware of the prerequisites needed to achieve such an ambitious ambition.
More restaurants and food businesses in Africa will be able to take benefit of the existing services thanks to the additional funding, and new services and solutions that will promote growth along the entire food value chain will also be developed.