TechBookyBusiness
No Result
View All Result
Thursday, July 7, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Funding

Online Marketplace Vendease Raises $3.2 Million To Assist Hotels And Restaurants With The Procurement Of Food Supplies In Africa

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
October 25, 2021
in Funding, Startup
Share on FacebookShare on Twitter

Online marketplace Vendease has raised $3.2 million in a just-concluded seed funding round. This comes seven months after the startup took part in Y Combinator’s winter batch where it participated with nine other startups from Africa. Vendease was founded in January 2020 by Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju, and is an online marketplace that allows restaurants, hotels and other food businesses to purchase their supplies directly from manufacturers and farms using its platform.

With its platform, Vendease aims to mitigate the challenges, such as inefficiency and time constraints, associated with getting food supplies in the highly fragmented African sector. The company started out on a decentralized marketplace model – connecting suppliers and farms on one side with restaurants and food businesses on the other.

The seed funding round was led by San Francisco-based venture capital firm Global Founders Capital. Other participants include Y Combinator, Liquid 2 Ventures, Soma Capital, Hustle Fund and Hack VC. It also saw the participation of local investors and early backers including Remita’s CEO John Obaro and CEO of Paga – Tayo Oviosu.

Vendease’s operation entails generating all the possible suppliers that can fulfil an order when a restaurant or food business places it. Vendease assigns the order to suppliers based on best pricing and quality. The delivery is made within 24 hours by Vendease or third-party logistics providers, Vendease said. Vendease provides delivery services because it came to the realization that some suppliers needed this help because they do not have the sophisticated operations to handle them and because it might be the best way to ensure that deliveries are made on time. “So when we say we’re building the operating system for food supply, this is what we mean”, Vendease’s co-founder and CEO Tunde Kara said explaining the reason why the company provides supplementary services such as logistics, storage, payments, inventory management, etc., that it provides. This is done to control the movement of food supplies from the starting point of production to the endpoint of consumption.

Extensive quality control measures are employed for the food supplies at the point of delivery or acceptance into the warehouse, Vendease says. It also provides an option that enables food businesses to receive free supplies for any order that turns out unsatisfactory.

As with any business faced with risks, challenges and unforeseen circumstances, Vendease’s operation is threatened by the constantly increasing inflation in food prices in Nigeria. This has been the case since it launched in 2020, however, the startup seems to have created a medium to combat the challenges associated with the inflation of food prices.  According to the CEO, Vendease operates a predictive analysis and storage system to help businesses forecast the future prices of food, store food items in advance and attach a price according to the duration and food category. Vendease’s CEO said that this model has saved businesses on its platform a lot of money and human capital. According to statistics, the prices of food items in Nigeria rose by more than 70 percent from July last year to July this year. A report by Trading Economics says that the cost of food in Nigeria has increased 19.57 percent in September 2021 compared to the same period from the previous year.

 “When we compare market prices to what users buy on our platform, we’ve approximately saved them about $480,000 in the last nine months, cutting a lot of unnecessary expenses from their general costs — savings that can go into other things in terms of expansion and growth. Proactively, in our small way, we are helping to grow the GDP for the food businesses both on the farmers and vendor side of the marketplace” Vendease’s CEO Tunde Kara said adding that the company hopes to grow by at least ten times in the next 12 to 18 months. The CEO claims that the company has saved approximately about 5,000 person-hours and has moved 100,000 metric tonnes of food, which is impressive for a startup that is less than 2 years old.

“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 & 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”, the managing partner at Global Founders Capital, the lead investor at Vendease’s seed funding round said.

The startup is currently operational in Lagos, Abuja and Ibadan and plans to use the funding to expand into other cities and countries by the end of the first quarter of 2022. It also currently works with popular food brands Hard Rock, Shiro and Krispy Kreme.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Our List Of African Startups To Watch Out For In 2022
    Our List Of African Startups To Watch Out For In 2022
  • Egyptian Startup MaxAB Raises $15 Million In An Extension Round, Acquires Morrocan Startup WaystoCap
    Egyptian Startup MaxAB Raises $15 Million In An Extension…
  • Jumba, A Kenyan Startup In The Construction Space, Secures $1 Million In Pre-seed Funding
    Jumba, A Kenyan Startup In The Construction Space, Secures…
  • Egyptian Startup Capiter Secures $33M To Expand B2B eCommerce Platform Across MENA
    Egyptian Startup Capiter Secures $33M To Expand B2B…
  • Ibadan-based Alerzo Raises $10.5 Million In Series A Round, Plans To Bring Informal Retailing Online
    Ibadan-based Alerzo Raises $10.5 Million In Series A Round,…
  • Insurance Technology Startup, Lami Raises $1.8m In Seed Funding
    Insurance Technology Startup, Lami Raises $1.8m In Seed…
  • Kenyan Agritech Twiga Raises $50 Million, Plans To Increase The Availability Of Food Solutions Across Africa
    Kenyan Agritech Twiga Raises $50 Million, Plans To Increase…
  • Angel Investor Olumide Soyombo Is Launching A Venture Capital For Funding African Startups
    Angel Investor Olumide Soyombo Is Launching A Venture…
Tags: Food supplyFundinglogisticsmarketplaceVendease
Previous Post

The e-Naira Launches Today, Welcome To A New Dispensation

Next Post

Clear Raises $75 Million To Fund Its Expansion Into Online Payments And Other Business Ventures

Next Post
Clear Raises $75 Million To Fund Its Expansion Into Online Payments And Other Business Ventures

Clear Raises $75 Million To Fund Its Expansion Into Online Payments And Other Business Ventures

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Nigeria’s AutoChek Makes A New Acquisition In Francophone-focused Classified Ad Marketplace CoinAfrique
  • South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token
  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Nigeria’s AutoChek Makes A New Acquisition In Francophone-focused Classified Ad Marketplace CoinAfrique
  • South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token
  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$20,804.002.98%
  • ethereumEthereum(ETH)$1,216.826.76%
  • tetherTether(USDT)$1.00-0.21%
  • usd-coinUSD Coin(USDC)$1.00-0.07%
  • binancecoinBNB(BNB)$240.171.18%
  • Binance USDBinance USD(BUSD)$1.010.09%
  • rippleXRP(XRP)$0.3343253.38%
  • cardanoCardano(ADA)$0.4704812.76%
  • SolanaSolana(SOL)$38.155.69%
  • dogecoinDogecoin(DOGE)$0.0704804.48%
  • polkadotPolkadot(DOT)$7.102.43%
  • Shiba InuShiba Inu(SHIB)$0.0000112.87%
  • AvalancheAvalanche(AVAX)$19.868.21%
  • matic-networkPolygon(MATIC)$0.555.36%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....