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Vendease Raises $30 Mln In Equity, Debt Funding

Lagos, Nigeria-based Vendease has raised $30 million in equity and debt funding round. The company is an online marketplace that allows restaurants and other food businesses to buy directly from farms and food manufacturers.

According to Tech Crunch, the series A equity round of $20 million was co-led by TLcom and Partech, and 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.

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

The company intends to use the funds to consolidate its growth and operations in Nigeria and Ghana, and to support its expansion across the continent.

Led by Tunde Kara, CEO, Vendease provides a digital procurement engine that makes it easier for restaurants in 8 cities across Nigeria and Ghana to buy food supplies.

When a restaurant or food business places an order, the system generates all the possible suppliers that can fulfill it, looks at the best pricing versus quality and assigns that order to the supplier. According to the company, delivery is made within 24 hours, either by itself or third-party logistics providers.

Over the last 12 months, Vendease has moved more than 400,000 metric tons of food through its platform.

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