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Vendease Secures $30M to Transform Procurement for Restaurants Across Africa

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Vendease, a Y Combinator-backed digital platform that allows restaurants in Africa to buy supplies, access financial services and power their business operations, has raised $30 million in an equity and debt funding round to consolidate its growth and operations in Nigeria and Ghana, and to support its expansion across the continent.

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 re-invested after participating in the previous round. The $10 million debt round was raised from the local finance market.

Africa’s restaurants and food businesses feed 700 million people across the continent daily. However, these businesses lose $100 billion annually due to expensive and unreliable supply, limited access to data to inform procurement decisions, wastage and theft, as well as limited access to capital to fund procurement.

Vendease’s digital procurement engine makes it easier for restaurants in 8 cities across Nigeria and Ghana to buy food supplies at considerably cheaper rates than open market prices, with guaranteed 12-hour delivery.

The company is building the operating system that automates the flow of food from farm to restaurant, optimises business operations across the value chain through accurate data deployment, reduces wastage and drives profitability.

Restaurant owners simply need to download the app, complete the registration process in a few clicks and they will be able to access all the benefits of Vendease’s platform. They can also access working capital through Vendease’s Buy-Now-Pay-Later offering to maximise the growth opportunities available to them.

Despite ongoing inflation and global shortage in food supply, Vendease’s solutions have delivered significant savings for its users and provided relative stability for their stock levels.

Over the last 12 months, Vendease has moved more than 400,000 metric tonnes of food through its platform, helping its users save more than $2,000,000 in procurement costs and more than 10,000 procurement man-hours. Its data has also helped them reduce wastage from overstocking by an additional $485,000.

The company has seen 3x growth in the number of users on its platform and 5x growth in its revenue over the last 12 months. Users have also accessed more than $12 million worth of inventory via its embedded finance product.

The new funding will 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.

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 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.”

Following their investments, Andreata Muforo (Partner at TLcom) and Cyril Collon (General Partner at Partech) will join Vendease’s board as new directors.

Andreata 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.”

“Vendease is delivering vital solutions that impact critical issues around the food system in Africa,” said Cyril Collon, General Partner at Partech. “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”.


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Uche Ikejimba Secures Sixth Consecutive AMVCA Nomination With Best Unscripted M-Net Original Nod

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Uche Ikejimba, Award-winning producer, has secured her sixth consecutive Africa Magic Viewers Choice Award nod. The organizers made the nomination announcements on Sunday, March 24, 2024, across all Africa Magic channels. It saw Ikejimba clinch a nom in the ‘Best Unscripted M-Net Original’ category for What Will People Say.

In 2022, Ikejimba received two nominations for ‘Best Africa Magic Original Drama Series’ for Unmarried and Dilemma. She secured two other nominations in 2023 in ‘Best Unscripted Original’ for Come Play Naija and ‘Best Original Drama Series’ category for Unmarried.

Speaking about her latest nomination, Ikejimba said, “I’m very humbled and beyond grateful to be receiving my sixth consecutive AMVCA nomination. Anyone who knows me will acknowledge that I often put my blood, sweat and tears into the shows I produce. After Truth won its nomination in 2020, I’ve been holding on patiently for a second win and I hope this is the year. So, here’s my hearty congratulations to my fellow nominees and a huge thank you to the AMVCAs organisers for honoring me.”

Ikejimba is one of Africa’s most-sought after serial producers, and has earned herself the title, ‘Reality TV Series Savant’, with work on 100% Naija, Vodafone Icons, Naija Sings, Calabar Festival Diaries, Big Brother Reunion, Shoot Your Shot, What Will People Say, Come Play Naija, and the more recently airing Husband Material and Overall Best.

She came into the world of Television production as an associate producer on Moments with Mo, the first and only syndicated daily talk show in Africa at the time. However, she has also proven that her talents go beyond producing reality shows or unscripted serials, and she can run with the best in producing original drama series.

In 2016, she landed her first commissioned project with Africa Magic titled Hustle. The series about a young man’s first time in Lagos became an instant hit and ran for three seasons, with 360 episodes. She created, wrote and produced Blink’s original 26-episode drama series titled Truth. The show won an AMVCA for ‘Best TV Series’ in 2020. That same year, she produced and wrote the hit series, Unmarried. The show ran for four seasons and ended on a high.

Off the success of these drama series, she produced Africa Magic’s Dilemma, a 260-episode telenovela. She produced Shallow and the recent Africa Magic fanfavourite original, Manfriend. The show follows the women of the King family and their dysfunctional relationship with the men in their lives. She also produced Showmax’s first original law limited series, AGU in 2023. Her first feature length film, Phantom is a co-production and is also nominated for several awards such as the Toronto International Nollywood Film Festival (TINFF).

Uche Ikejimba has beaten many odds to become a producer and remained steadfast in her commitment to producing the best shows Africa has ever seen. As the continent prepares for the milestone 10th AMVCA, the Reality TV Series Savant and producer extraordinaire is content to celebrate her sixth consecutive nomination. Find out if she clinches her second AMVCA win when the awards air live across all Africa Magic channels on May 11, 2024.


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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