Nigeria: Nigerian foodtech startup, Orda, raises $3.4 million in seed funding

Nigerian food tech startup, Orda, said it has raised a $3.4 million seed investment to help it to digitize many African restaurants through its cloud-based operating system. 

Nairametrics recall that the company had raised $1.1 million in pre-seed funding at the beginning of the year. The latest funding brought its total raise to $4.5 million. 

Orda’s Plan: Orda said it plans to improve its services to help more African restaurants maximize their business operations and expand distribution. Among the features Orda wants to improve upon include the loan, credit, and payment options. It will also assist clients in maximizing the value of their businesses. 

The company also plans to expand its network of restaurants and continue its pan-African expansion drive into South Africa and much later, Ivory Coast. 

The Investors: New York-based Fintech Collective and emerging market investor Quona Capital jointly led the seed round. Existing investors like LoftyInc Capital, Enza Capital, and the Norrsken Foundation, as well as brand-new venture capital firms like Outside VC and Far Out Ventures, are among the additional investors.

Speaking on why her firm is backing the food tech company, Kofoworola Agbaje, senior investment associate at Quona Capital, said: 

• “When a restaurant owner moves from pen and paper to a fully automated digital platform, it’s incredibly empowering.” 
• Agbaje emphasized that she believes small and medium-sized restaurants, as well as the livelihoods of those who run them, could be significantly impacted by a solution like Orda. 
• Orda’s solution allows restaurants to easily manage their dine-in orders and sales from other channels. This works with little to no internet.