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    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

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    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

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    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

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    How Blockchain can Transform the Financial Ecosystem in Nigeria

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    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

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    The BBN Token: a Shift in the World of African Reality Shows

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    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

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    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

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    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

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    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

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Backed by Catalyst Fund, Google and Y Combinator, Tendo launches in Nigeria

by Nuel Umahi
March 11, 2022
in StartUps
0
Backed by Catalyst Fund, Google and Y Combinator, Tendo launches in Nigeria
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Tendo – a Ghanaian based e-commerce startup that enables persons sell online with zero upfront inventory has launched its operations in Nigeria.

Its launched operations comes after securing backing from Catalyst Fund, Google and Y Combinator.

Tendo, which was launched in 2021 has developed a mobile application that connects dropshippers to local wholesalers. Sellers on Tendo are able to source products and resell them using social commerce tools such as WhatsApp, arrange delivery and get paid all through the app.

“At the moment, people who want to sell online need to save money, visit hundreds of suppliers to find a trusted one, and risk losing their capital by stocking up inventory. Beyond this, they need to incur costs for logistics and warehousing. We eliminate all that,” Felix Manford, the startup’s co-founder and CEO, said.

The startup which is currently working with thousands of merchants in Ghana has its funding from Google Black Founders’ Fund, LoftyInc Capital Management, and Plug and Play Ventures.

Also, Tendo has also recently taken part in the Y Combinator W22 accelerator and Catalyst Fund’s inclusive digital commerce programme.

Tendo’s successes stems from a pivot as Manford and the Tendo team haf initially built an influencer marketing platform called Hashfyre to help young social media users earn an income by partnering with brands on micro-influencer campaigns.

“As we built our community we realised most of our users had more interest in starting a business but struggled to raise initial capital. We also learned that social media had become the preferred shopping channel for many consumers in Africa – an estimated 32 per cent of all e-commerce in Africa was happening on Facebook,” Manford said.

“We initially launched Tendo and distributed products through WhatsApp groups. We also used spreadsheets to manage and track orders, he added.

Based on its strong growing trajectory, Tendo is tackling the lack of trust amongst African consumers in regards to shopping online.

“Consumers here trust people they know, not brands – and they make purchase decisions based on this. This social experience is however missing on many traditional e-commerce platforms in Africa,” Manford said.

He further added, “To address that deficit Tendo leverages on social networks of individuals and the platform leans in on the existing consumer behavior. Tendo is shaping digital commerce in Africa by putting selling power in the hands of everyday users. Anyone can become an entrepreneur.”

Tendo runs a marketplace model, taking a percentage of each order processed on the platform. Suppliers can also pay for ad placements on the app to boost the visibility of their products. Manford said revenues were steadily growing, with the prime challenge faced by the startup being offering affordable and reliable last-mile delivery.

“However, over the past months, we’ve been able to refine our process and secure better partnerships that have provided us with significant cost savings which our sellers have benefited from,” he said.

With the appointment of Chisom Ukaegu as new country manager for Nigeria, Tendo intends to seize the demographic to building the largest network of resellers in the country.

“With the young demographics making up more than one-third of Nigeria’s growing population, Tendo’s entry into Nigeria is the logical next step as we work towards building the largest reselling platform in Africa”.

“Our primary focus here is to build the largest network of resellers, or Tendo merchants as we like to build the largest network of resellers, or Tendo merchants as we like to call them, and equipping them with the resources and support needed to grow and manage their business,” Ukaegu said.

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