A $30 million equity and debt investment round was completed for Vendease, a Y Combinator-backed digital platform based in Lagos, Nigeria that enables restaurants in Africa to purchase goods, access financial services, and run their operations.
Co-led by TLcom and Partech, the $20 million series A equity round also includes previous investors VentureSouq, Hustle Fund, Hack VC, GFR Fund, Kube VC, Magic Fund, and Kairos Angels. The local finance market was used to raise the $10 million debt round. Following their investments, Cyril Collon, general partner at Partech, and Andreata Muforo, partner at TLcom, will become new directors on the Vendease board.
The cash will be used by the company to assist its expansion as well as to solidify its operations and growth in Ghana and Nigeria.
Present in 8 locations in Nigeria and Ghana, Vendease negotiates bulk-buy discounts with food suppliers, stores the food, and promises delivery of food supplies for restaurants within a day at much lower costs. Vendease has helped its consumers save more than $2,000,000 in procurement expenditures and more than 10,000 procurement man-hours by moving more than 400,000 metric tonnes of food via its platform in the last 12 months.