- Advertisement -

Last Updated: 2 years ago


Restaurant procurement platform Vendease raised $30 million in a mixture of fairness funding and debt financing to develop its market throughout Africa and consolidate operations in Nigeria and Ghana.

The Y Combinator-backed digital platform permits eight cities in Nigeria and Ghana to purchase meals provides at decrease costs than what is accessible on the open market, with assured 12-hour supply, in line with a press release Monday (Sept. 26). 

The fairness spherical of $20 million was co-led by TLcom and Partech, with participation from VentureSouq, Hustle fund, Hack VC, GFR Fund, Kube VC, Magic Fund and Kairos Angels, who reinvested after collaborating within the earlier spherical. The $10 million debt spherical was raised from the native finance market.

See additionally: Digital-First Banking Brings Efficiency, Access to African Consumers, SMBs

Africa’s eating places and meals companies “lose an estimated $100 billion each year because of expensive and unreliable supplies, limited access to data to inform procurement decisions, wastage and theft, as well as limited access to capital to fund procurement,” in line with the discharge.

Vendease’s digital procurement engine makes it simpler for eating places to seek out costs which might be higher than the open market. Vendease can be constructing out its working system to “automate the flow of food from farm to restaurant.” Restaurant homeowners can even entry working capital via Vendease’s purchase now, pay later (BNPL) program.

Read extra: How Telco APIs Are Enhancing Africa’s Mobile Money Ecosystem

“Our mission is to enable the efficient flow of food across the continent, from point of production to point of consumption. It is more than just placing orders for supplies, we want to transform how the entire sector works and remove the bottlenecks that stunt the growth of restaurants and food businesses,” stated Tunde Kara, CEO and co-founder of Vendease, stated, 

“With greater efficiency in the supply chain, we believe we can unlock more growth opportunities across board, which is why we are excited to have raised this round, led by two of Africa’s biggest VCs, who understand what it takes to power such an ambitious mission,” Kara stated.

For all PYMNTS EMEA protection, subscribe to the each day EMEA Newsletter.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of two,124 US customers exhibits that whereas two-thirds of customers have used FinTechs for some side of banking companies, simply 9.3% name them their main financial institution.

We’re at all times looking out for alternatives to associate with innovators and disruptors.

Learn More



Source link


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.