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Nigerian Food-Tech Startup Orda Raises $3.4 Million Seed Funding

Food-tech startup Orda has raised $3.4 million in seed investment to take its cloud-based restaurant management services to the next level. The Nigerian startup had raised $1.1 million at the beginning of this year, according to a TecCrunch report, and now has $4.5 million from investors.

Its business model, similar to US-based Toast, is to offer restaurant owners a platform where they can leverage software tools like order management, omnichannel and integrate food aggregators, delivery platforms, and staff setup.

Co-founded by Guy Futi, who is also its CEO, Orda was formerly called StarKitchens. It was built to eradicate the tediousness of pen and paper reconciliations, which can lead to errors and require hours.

“Orda was built from a near 18 months of a collaborative customer feedback loop. We listened to everything, from how African restaurants reconcile inventory, how customers pay, to how they handle logistics and more. We can confidently say that no one has done as much work as we have to build an end-to-end solution for our food business owners,” CTO Fikayo Akinwale said in a statement.

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Joining Orda’s platform could allow restaurant owners accept and process orders from food delivery services like Jumia Food, Glovo, Bolt Food, as well as in-store, website, and social media channels like WhatsApp.

Its seed funding round was led by Quona Capital, a fintech collective based in New York. Others include the startup’s early backers LoftyInc Capital, Enza Capital, and the Norrsken Foundation, and new investors Outside VC and Far Out Ventures. In January, it had received backing from angel investors Ire Aderinokun, Jesse Ovia and Ademola Adesina.

Orda Africa currently operates in Nigeria and Kenya, and Futi claimed that adopting its software has helped clients double their growth rate every three weeks. The startup makes its money by charging restaurants monthly for access to its platform. It plans to start a lending service and payments processing for restaurants.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.