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Vendease Secures $30M to Transform Procurement for Restaurants Across Africa
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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MultiChoice Introduces New Channel, Renames Three others on DStv, GOtv
Pay-TV operator, Multichoice Group, has rebranded its SuperSport variety channels on both DStv and GOtv platforms.
In a statement on Thursday by the Executive Head of Marketing at MultiChoice West Africa, Tope Oshunkeye, MultiChoice announced that the changes took effect from Wednesday, October 9, 2024.
Changes on DStv, GOtv
As part of the rebranding, the current SuperSport Select Channel has been renamed SuperSport Africa.
A new channel, SuperSport Action, has also been introduced, featuring a broader range of sports content, including UFC matches and additional Champions League games.
GOtv packages will see the following changes:
- On the GOtv Jinja and GOtv Jolli packages, SuperSport Africa will replace Select 2 (Channel 64).
- On the GOtv Max package, SuperSport Africa and SuperSport Africa 2 will replace Select 1 and Select 2 (Channels 63 and 64).
- SuperSport Action will replace Select 3 (Channel 69) on the GOtv Supa and SupaPlus bouquets.
Oshunkeye explained the reason for the updates, stating, “The channel revamp is part of our ongoing efforts to enhance our sports offering and provide customers with more unbeatable sports content that resonates with them.”
He added that the new channels would deliver top sports action from around the world, including local boxing, UFC events, comprehensive analysis, and other engaging content curated for the African audience.
Oshunkeye reiterated MultiChoice’s commitment to offering premium services, saying, “We remain dedicated to delivering the best sporting action to our customers and continuously exploring ways to delight them with more choices, exciting live content, and great value.”
Subscribers are encouraged to subscribe, reconnect, or upgrade their packages through the MyGOtv App or by dialing *288#. They can also watch their favourite sports on the go using the GOtv Stream app.
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XA Network Expands Footprint to Africa with Launch of XA Africa
XA Network, a leading investment network founded by tech alumni in Southeast Asia, on Thursday announced its expansion into Africa with the launch of XA Africa.
The move underscores the network’s vision and commitment to fostering innovation and supporting promising startups globally.
XA Africa is founded by a trio of experienced tech professionals:
● Nitin Gajria, former MD of Google Sub-Saharan Africa
● Jason Scott, venture capitalist and an architect of the Black Founders Fund at Google
● Marek Dawidowicz, current Marketing Director at YouTube and South African native
“Founders of technology startups in Africa are uniquely placed to solve some of Africa’s most profound challenges and unlock its greatest opportunities.
“We see the foray of XA Network into Africa as a natural progression, allowing us to connect amazing founders to experienced and expert operators from the tech industry”, says Nitin Gajria, Co-Founder of XA Africa.
XA Africa aims to connect exceptional African tech founders with seasoned investors and industry experts, primarily from global and regional technology companies, to provide not just capital but also the guidance and support needed to scale their ventures.
The newly established XA Africa has already made notable investments in promising African startups, including:
● Crop2Cash (Nigeria)
● BuuPass (Kenya)
● Kaya (South Africa)
● Talamus Health (Ghana)
“We are excited to have XA network on board because of their strong network of experts who are open to listening and helping.
“They’ve introduced us to advisors from Expedia and truly understand the dynamics of emerging markets, making them a valuable investor.” – Sonia Kabra & Wyclife Omondi – Founders of BuuPass
“Partnering with XA Network has been a game-changer for our company. Their strategic guidance and network have opened doors to new opportunities, and we’re excited to see the impact of our collaboration continue to unfold.
“We’re grateful for their trust in our vision.” – Michael Ogundare – CEO of Crop2Cash
Since its inception six years ago, XA Network has established itself as a significant player in the Southeast Asian startup ecosystem, making nearly 100 investments in the region, and consistent ranked as #1 investment network in the region.
XA Network comprises senior leaders from prominent global and regional technology companies and notable company founders.
This approach distinguishes XA Network, enabling it to offer portfolio companies unparalleled guidance and support from experienced industry operators.
“We also see an opportunity to build a stronger bridge between ecosystems in Africa and Southeast Asia along the way.
“In fact, this investment hypothesis has already been proven across some of the African founders we are currently supporting.”, Mr Gajria added
The XA Africa team will be hosting their first public Demo Day webinar on Thursday November 7, 1-2pm GMT+1, where Africa focused investors can meet and invest in four founding companies and learn more about XA Africa. Click here to register for the event.
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Sophos Unveils New XGS Desktop Firewalls & Software Series
Sophos, a global leader of innovative security solutions for defeating cyberattacks, on Wednesday introduced nine new XGS Series desktop firewall appliances for midmarket and smaller-sized businesses, as well as branch offices of larger organizations.
The new XGS appliances feature a streamlined architecture to deliver double the performance of previous models, but with 50% lower energy consumption.
All of the new Sophos XGS appliances are available with multiple high-speed connectivity options, and four models are fanless, making them ideal for noise-sensitive environments.
Sophos has also announced updated Sophos Firewall software that provides enhanced protection against cyberattacks, including the ability to integrate third-party threat intelligence feeds.
This allows organizations with specific regional or vertical market requirements to customize and apply additional information to strengthen their firewall security.
The new software also enhances distributed network scalability and provides a seamless transition for customers on legacy firewalls to upgrade to the latest Sophos XGS appliances.
By leveraging the improved acceleration capabilities of the virtual FastPath in the new Sophos Firewall software, along with the new streamlined architecture, the new Sophos XGS firewall appliances can deliver up to three times the performance in IPsec VPN throughput compared to previous models.
“The new Sophos XGS appliances and Sophos Firewall software launches are all about providing users with world-class ‘performance and protection’ at competitive pricing.
“We’re innovating and advancing how organizations should use firewall technology to defend against persistent, modern-day cyberattacks targeting the midmarket and smaller businesses,” said Dan Cole, senior vice president, Network and Content Security at Sophos.
“This includes designing our firewall software to now also leverage threat intelligence feeds from third-party sources, in addition to Sophos’ native threat intelligence, for faster, real-time response to a broader scope of suspicious activity.
“The support also gives defenders greater control over their risk profile.”
Specifically, users can now configure Sophos Firewall software to ingest paid and free feeds published by security vendors, Managed Service Providers (MSPs), specific industry consortiums and Information Sharing and Analysis Centers (ISACs), or other threat intelligence platforms.
The third-party data augments Sophos’ proprietary threat intelligence, which derives from Sophos X-Ops and includes telemetry from SophosLabs, Sophos Managed Detection and Response (MDR) and Sophos Extended Detection and Response (XDR) technology.
In conjunction with Sophos Active Threat Response, a feature built into Sophos-managed endpoints and the intelligence feeds, Sophos Firewall software will initiate a synchronized response that automatically walls off potential attacks, giving defenders critical time to assess, respond and remediate.
Additional Sophos Firewall software enhancements include:
· Enhanced performance and scalability: Triple the IPsec VPN performance boost on the new XGS Series desktop appliances, as well as faster authentication burst performance and optimizations to reduce downtime and increase resiliency during failovers for SD-RED tunnels, dynamic routes and Active Directory interactions for distributed enterprise environments
· Streamlined management: Refreshed user experiences; support for Let’s Encrypt certificates; integrated support for Google Workspace authentication; and expanded network object visibility that simplifies firewall management
· Seamless device upgrades: A new configuration backup assistant and port mapping support, backed by free license overlap for Sophos XG firewall customers, that enables added flexibility and easy upgrading from previous hardware generations
“This release of new desktop models as part of the Sophos XGS Series of hardware appliances sets a new high bar for performance and efficiency.
“The update enhances value at every price-point, with a three-fold increase in IPsec VPN throughput and up to two times better overall performance, all while cutting energy consumption in half,” said Christopher Rodriguez, research director for Security and Trust at IDC.
“Combined with enhancements in protection, scalability and ease-of-use from their latest OS release, Sophos Firewall provides significant value to organizations of all sizes, without raising its prices.”
“Sophos makes firewall deployment, integration and management straightforward,” said Benjamin Schwarzbauer, team lead, Network and Security at Luithle + Luithle, a Sophos partner in Germany.
“Its tight integration with the broader Sophos ecosystem allows us to efficiently manage security for our customers.
“The firewall’s comprehensive features not only strengthen security, but also ensure reliable performance and regulatory compliance. This allows our customers to focus on their business.”
Availability
Sophos’ new XGS desktop firewall appliances and Sophos Firewall software are available exclusively through Sophos’ global channel of partners and Managed Service Providers (MSPs).
Defenders can easily manage the solutions in the cloud-native Sophos Central platform alongside Sophos’ portfolio of endpoint, email and cloud solutions and oversee installations, respond to alerts and track licenses and upcoming renewal dates via a single, intuitive interface.
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