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Agritech Startup Set to Revolutionalise Food Supply, Raises $3.2 Million Expansion Capital

Agritech startup, Vendease, positioned to bridge the food supply gap across Africa, has raised a $3.2 million expansion capital.

According to the company, the seed capital will enable the company to expand its reach to cities across Africa, in its quest to provide solutions to the difficulties encountered in terms of food supply in the continent.

The funding round was led by Berlin-based Global Founders Capital with companies like Y Combinator, Hustle Fund, Liquid 2 Ventures, and Soma Cap participating.

Other local investors and early backers such as the CEO of the payment platform, Paga, Tayo Oviosu, the CEO of Remita, John Obaro, and Magic Fund also took part.

Co-founder and CEO of Vendease, Tunde Kara, said, “The rising food inflation coupled with effects of COVID-19 across Africa, has positioned Vendease to scale up food systems by digitising end-to-end processes from farm to table.

“We currently operate out of Lagos, Ibadan and Abuja, but this funding will act as a buoy for us, as we scale our solution to other cities across the continent.”

Vendease, through its digitised platform, connects farmers and other key players in the food supply chain, to ensure efficient and timely delivery of the food items.

The automated platform also ensures that the items gotten are in good condition while providing logistics, procurement and storage support as well as flexible payment options.

“Our platform allows restaurants and hotels to order their food supply directly from farms and food manufacturers. This means that restaurants can get all their supplies from a single source,” a statement on their website read.
[5:16 PM, 11/24/2021] Franca AgroNigeria: Gov Ayade Calls For Youth Empowerment in Agriculture

The Governor of Cross River State, Ben Ayade has called for conscious efforts to be made in ensuring that Nigerian youths are empowered and given easy access to funds to enable them to focus keenly on agriculture.

According to Ayade, youth’s inability to access capital and other limitations have rendered them inactive in the agricultural value chain.

The governor stated this at the just concluded 2nd Intra-Africa Trade Fair held in Durban, South Africa, where he was represented by his Commissioner for Finance, Asuquo Ekpenyong jr.

Briefing journalists in Calabar, he said, “Nigerian youths have an array of limitations in Agriculture business and this does not encourage them to delve deeper into the business.

“One is access to cheap capital. Most of the countries in Africa have a weak infrastructure in terms of power, roads to provide logistics, water and other inputs required in production or commerce.

“There is a need for countries in Africa to deliberately set out to empower, to build capacity among the young people; provide access to capital; not just access to capital, but more importantly that they set up a framework that eliminates the issues of adverse selection and moral hazard.

“This will ensure that the money gets to the right people who have sustainable ventures in which they intend to pursue.

“If we do not do this efficiently and effectively, the truth is, what will end up happening is that, while the trade agreement may be good, we may have a scenario where foreigners to the continents come into the continent, set up with as little footprint as possible on the continent, produce locally, trade unrestricted but repatriate the value out of the continent.”

As a way of engaging the youths in agriculture, Ayade said he has decided to break the many barriers inhibiting them through a mechanised farming model.

“What I have done is to develop a 360 Degree Model to drive youth participation in mechanised farming by identifying young people in the State. Under this 360 Model, the state ultimately intends to off-take the various produce and crops for processing in the state-owned industries,” he added.

The post Agritech Startup Set to Revolutionalise Food Supply, Raises $3.2 Million Expansion Capital first appeared on AgroNigeria.

The post Agritech Startup Set to Revolutionalise Food Supply, Raises $3.2 Million Expansion Capital appeared first on AgroNigeria.

Sourced from Agro Nigeria

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