Vendease, a Nigerian food procurement startup, has raised $30 million in equity and debt funding round.
The Series A equity round of $20 million was co-led by TLcom and Partech, in a rare joint investment by two of the biggest Africa-focused funds.
The equity round also included VentureSouq, Hustle fund, Hack VC, GFR Fund, Kube VC, Magic Fund, and Kairos Angels, who returned after participating in the previous round.
The $10 million debt round was raised from the local finance market.
The company says the investment will be used to consolidate its growth and operations in Nigeria and Ghana and to support its expansion across the continent. It will also be used for the development of new solutions and services to drive growth across the food value chain.
Commenting on the funding, Tunde Kara, CEO and co-founder of Vendease, said: “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. With greater efficiency in the supply chain, we believe we can unlock more growth opportunities across the 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”.
Andreatta Muforo, Partner at TLcom, said: “Restaurants and food businesses play a vital role in communities across the continent and Vendease is on a mission to bring affordability, convenience, and reliability to these businesses and builds a platform that allows the wider food sector to optimise their operations. We look forward to working alongside the team as they pursue the next phase of growth and unlock significant value in Africa’s fragmented food supply chain.”
Also commenting on the funding, General Partner at Partech, Cyril Collon said: “Vendease is delivering vital solutions that impact critical issues around the food system in Africa. We are thrilled to be working with them to take these solutions to more restaurants and food businesses across the continent. We see huge scope for growth in Nigeria and beyond and we are very optimistic about what can be achieved”.
Vendease was founded in 2020 by Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju in Nigeria.
