Vendease Gets $3.2M To Help Hotels And Restaurants Buy Food Supplies From Africa
Vendease, a digital marketplace that allows food businesses to buy supplies straight from manufacturers and farms, has successfully raised a seed round of $3.2 million.
When a restaurant places an order, the firm’s system generates all the possible suppliers that can fulfill it. It then looks at the best pricing versus quality and assigns that order to the supplier.
According to the company, founded by Tunde Kara, delivery is made within 24 hours, either by itself or by a third-party logistics provider.
This is a huge milestone for the company.
It was launched just last year in January and has already raised millions.
San Francisco-based venture capital firm Global Founders Capital led the seed round.
Y Combinator, Hustle Fund, Liquid 2 Ventures, Hack VC and Soma Capital participated, including individual local investors and early backers such as Paga CEO Tayo Oviosu, Remita CEO John Obaro and Magic Fund, reported TechCrunch.
Last month, the YC-backed company hit an annualized transaction volume of $12.9 million and $1.2 million in annual recurring revenue.
While Kara did not share revenue numbers with Texhcrunch he said Vendease’s revenue has grown 17x since last year.