4 Young Nigerians Get $30 million From Foreign Investors

Nigerian young Nigerians and tech founders, Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju, have raised $30 million from foreign and African investors to aid their digital business. 

Their tech startup, Vendease, enables African restaurants buy supplies, access financial services and power their business operations. To keep their operation running, they raised $20 million from a Series A equity round, and $10 million from local debt market. 

In a statement seen by Prime Business Africa, the young Nigerian tech founders raised the $20 million from foreign and African investors such as TLcom and Partech, both of which led the round. 

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Other investors are VentureSouq, Hustle fund, Hack VC, GFR Fund, Kube VC, Magic Fund and Kairos Angels. The statement reads that, “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.” 

One of the co-founders, Kara, who is the Chief Executive Officer, 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.”