Startup Spotlight - Revolutionizing Food Supply: The Vendease Success Story

In the dynamic landscape of African commerce, Vendease emerges as a transformative marketplace dedicated to streamlining the food supply chain. Trusted by over 3000 African businesses, Vendease provides a direct bridge between food businesses and farms and food manufacturers, promising quality, affordability, and efficiency.

A Food Revolution Begins

In 2020, Vendease embarked on its journey, founded by a group of visionary entrepreneurs, including Tunde Kara, Wale Oyepoju, Olumide Fayankin, and Gatumi Aliyu. The startup swiftly gained momentum and has since evolved into a vital player in the African food industry.

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Quality, Affordability, and Speed

Vendease's value proposition is straightforward yet game-changing: the platform empowers restaurants, hotels, cafes, lounges, supermarkets, and a wide array of food businesses to source quality products directly from farms and food manufacturers. The result? High-quality supplies at prices up to 15% lower than comparable offerings, delivered within a remarkable 12-hour timeframe.

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Powerhouse in Food Supply

Vendease has wasted no time in making a significant impact. According to Endeavor Nigeria, the platform has supplied over 950,000 metric tons of food, resulting in cost savings exceeding $9 million and cutting down procurement manhours by a staggering 35,000 hours. It's a testament to the efficiency and effectiveness of Vendease in the world of food supply.

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Funding for Growth

Vendease's success didn't go unnoticed. The startup secured substantial funding to support its mission. In 2021, Vendease completed a $3.2 million seed round, followed by a significant $20 million Series A equity funding. An additional $10 million in debt financing provided further fuel for expansion.

The Series A equity round was co-led by TLcom Capital and Partech, with participation from VentureSouq, Hustle Fund, Hack VC, GFR Fund, Kube VC, Magic Fund, and Kairos Angels. The $10 million debt round was sourced from the local finance market, bolstering Vendease's growth strategy.

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Empowering Food Businesses

Vendease's commitment to empowering food businesses extends to innovative services such as E-procurement, which allows customers to access Buy Now, Pay Later (BNPL) services, ensuring a steady supply of food products even when cash is tight. The platform simplifies the invoice payment process through a user-friendly wallet system, enabling customers to fund their wallet and make direct payments to suppliers within the ecosystem.

The Vision Ahead

In an interview with Techeconomy, Tunde Kara, one of Vendease's founders, shared the company's vision. Vendease aims to make its impact felt on a larger scale, reaching hundreds of thousands of businesses. The focus remains on innovation in food supply automation, expanding its footprint across multiple countries within and beyond Africa.

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Vendease's dedication to nurturing the growth of food businesses remains unwavering. Their mission is clear: to empower food businesses across Africa, one order at a time.