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

Orda, a Nigerian food tech firm, announced that it has secured a $3.4 million early investment to assist it in its plans to use its cloud-based operating system to digitize many African restaurants.

Remember how the business began the year with pre-seed capital of $1.1 million? The most recent financing raised a total of $4.5 million.

Orda stated that it intended to enhance its offerings in order to support more African restaurants in maximizing their operations and extending their reach. The loan, credit, and payment options are some of the aspects Orda wishes to enhance. Additionally, it will help clients increase the value of their companies.

In addition, the company wants to continue its pan-African expansion into South Africa and, much later, the Ivory Coast. It also wants to grow its network of restaurants.

READ MORE: Naira depreciation’ll worsen Nigeria’s food crisis — W’Bank

The seed financing was jointly led by Quona Capital, an investor in emerging markets, and the New York-based Fintech Collective. Among the additional investors are newly formed venture capital firms like Outside VC and Far Out Ventures as well as established investors like LoftyInc Capital, Enza Capital, and the Norrsken Foundation.

Kofoworola Agbaje, senior investment associate at Quona Capital, explained why her organization is supporting the food technology company.

“It’s tremendously powerful when a restaurant owner switches from pen and paper to a completely automated digital platform.”

Agbaje stressed that she thinks a solution like Orda may have a huge influence on small and medium-sized eateries, as well as the livelihoods of individuals who run them.

Restaurants can simply manage their dine-in orders and sales from other channels thanks to Orda’s technology. With little to no internet, this works.