Vendease is an online B2B marketplace for restaurants and other food businesses in Africa.
Lagos-based Vandease, which is a Y Combinator-backed startup allows restaurants in Africa to buy supplies, access financial services and power their business operations via a digital platform.
Vendease (YC W21) sees itself as a digital procurement engine that makes it easier for restaurants to buy food supplies at considerably cheaper rates than open market prices, with guaranteed 12-hour delivery.
Vandease just raised $30 million in an equity and debt funding round after a $3.2 million Seed round last October.
The startup’s $30 million raise is a combination of a $20 million Series A equity round co-led by two of the biggest Africa-focused funds, TLco and Partech, in a rare joint investment. And a $10 million debt round raised from the local finance market.
The equity round also included investors like VentureSouq, Hustle fund, Hack VC, GFR Fund, Kube VC, Magic Fund and Kairos Angels, who re-invested after participating in the previous round.
This current funding will be used to consolidate its growth and operations in Nigeria and Ghana, and the home services startup also kick off its expansion plans in Africa.
The new funding will also support the delivery of these services to more restaurants and food businesses across Africa, as well as the development of new solutions and services, to drive growth across the food value chain.
The startup currently operates in eight cities across Nigeria and Ghana. This new funding with boost Vendease’s Buy-Now-Pay-Later offering, which allows restaurant owners access to working capital.
Vandease Review (Profile)
This restaurant B2B marketplace claims to have moved more than 400,000 metric tonnes of food through its platform and has seen 3x growth in the number of users on its platform and 5x growth in its revenue over the last 12 months (September 2022).
Vendease users have also accessed more than $12 million worth of inventory via its embedded finance product.
Vandease Founders & Investors
The less than three-year-old startup was founded by Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju.
Vandease Invetors include:
- Global Founders Capital
- Y Combinator
- Hustle Fund
- Liquid 2 Ventures
- Hack VC
- Soma Capital
Latest on Vandease
- $30 Million Raise