Vendease was established in 2019 by Wale Oyepeju, Gatumi Aliyu, Olumide Fayankin, and Tunde Kara to connect food businesses with suppliers.
However, the company soon ran into other difficulties, including sluggish delivery and quality control issues.
The company began developing a full-payment, logistics, storage, and inventory management system to manage the flow of food supplies from one point of production to the point of consumption.
By utilizing data, lowering waste, and boosting profitability, Vendease enhances business operations throughout the value chain.
According to the business, their “digital procurement engine” makes it simpler for restaurants in eight locations across Nigeria and Ghana to purchase food supplies at rates markedly lower than those found on the open market, with a 12-hour delivery guarantee.
Additionally, Vendease’s clients can obtain working cash through its Buy Now, Pay Later program, maximizing their chances for expansion.
According to the business, its platform has witnessed a threefold increase in users and a fivefold increase in revenue over the past year.
Through its incorporated finance offering, users have also gotten access to approximately $12 million in inventory.
The funding will make it possible for the company to serve more establishments. Additionally, it will expand its food companies throughout Africa and develop fresh products and services to spur development along the entire food value chain.