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Nigerian retail startup Renda secures $1.9m funding to drive expansion

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Nigeria’s retail startup, Renda, has announced securing a $1.9 million pre-seed round of equity and debt funding to enable it enhance its offerings and drive expansion.

Renda, a technology solution startup that simplifies order fulfillment and retail distribution for businesses in Africa, secured the funds from Ingressive Capital which led the round, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures.

The startup’s co-founder and CEO, Ope Onaboye, who made the announcement, said they plan to utilize the funds to pursue its plans of expanding into more cities in Nigeria and Africa.

“Our vision at Renda is to become the largest and most trusted fulfillment partner for e-commerce and major businesses across Africa,” Onaboye said.

“Since inception, we have been privileged to work with some of the largest companies across manufacturing, FMCG, Agriculture and e-commerce sectors, enabling them to scale across Nigeria.

“We are grateful for the investors who have bought into the Renda vision and decided to partner with us as we build the future of commerce on the continent.

“I’m excited to see how we harness the power of technology to simplify and optimise order fulfillment and retail distribution for thousands of businesses across the continent,” he said.

Launched in January 2021 by Onaboye and Bimbo Onaboye, Renda allows businesses to access on-demand flexible storage across Africa, track and manage their inventory across all locations, process large volumes of orders for same-day delivery, manage and track all deliveries in real-time, and also manage and reconcile cash collections.

The platform is already powering much of Africa’s e-commerce sector, with customers including Omnibiz, MarketForce, Kyosk, Wabi, Jumia, and other major brands, according to the CEO.

He added that Renda will use the funding to technologically enhance its offerings, drive expansion to more cities in Nigeria and East Africa, and grow its partnership network across all active markets.

So far, the startup has empowered over 500 businesses across 15 states in Nigeria, while it expanded into Kenya last year.

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Kenya’s Fidelity Shield Insurance launches digital health coverage product ‘My Afya Shield’

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Kenya’s Fidelity Shield Insurance has launched a new digital health coverage scheme known as
‘My Afya Shield’ which is designed to transform healthcare access in the country.

The new product, according to Richard Marisin, Managing Director of Fidelity Shield Insurance, is an initiative that “reinforces Fidelity’s commitment to prioritizing preventive healthcare and enhancing wellness among its members.”

Marisin noted that “My Afya Shield” offers an extensive range of benefits, including access to treatments, vaccines, counseling services, mental wellness support, rehabilitation services, and personalized wellness programs.

“Notably, it includes coverage for alcohol and drug abuse rehabilitation as a standard feature, along with regular health check-ups.

“Underwritten by Fidelity Shield Insurance, My Afya Shield is accessible through a digital platform that seamlessly connects Fidelity members with a nationwide network of healthcare providers.

“Users of My Afya Shield can initiate treatments from the user-friendly digital interface, monitor benefits and limits in real-time, and easily locate and access care at healthcare providers.

“They also have the flexibility to add family members as dependents. The platform further facilitates efficient claims processing and timely payments to healthcare providers, improving the overall healthcare experience.

“We are happy to introduce My Afya Shield as a health coverage product designed to address the evolving needs of our members. This launch solidifies our commitment to delivering comprehensive and technology-driven solutions for healthcare access,” Marisin said.

He added that “My Afya Shield” leverages digital technology, allowing customers to conveniently apply for services online and minus the requirement for paper forms.

“My Afya Shield will gain rapid uptake allowing millions of Kenyans to gain comprehensive health coverage, including traditionally uninsured benefits like vaccinations, mental health, counseling, and rehabilitation services,” he added.

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IFC partners SA health-tech group Lenmed Hospital to expand quality healthcare services in Africa

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The International Finance Corporation (IFC), a member of the World Bank Group, has entered into a partnership with South African health-tech startup, Lenmed Hospital Group, aimed at increasing access to quality healthcare, especially in underserved communities in South Africa, Botswana, Ghana, and Mozambique.

Under the terms of the partnership, IFC will provide Lenmed with an initial investment sum of R200 million senior loan to help help the company expand its healthcare services over the next four years through the acquisition of new facilities, the purchase of medical equipment, and by hiring and training additional medical staff.

Lenmed on its part, will also expand the number of beds in its hospital portfolio from 2,318 to almost 3,000.

Amil Devchand, Lenmed’s Chief Executive Officer (CEO), said the IFC’s loan is part of a larger, syndicated loan package with three other South African lenders, Rand Merchant Bank, Ashburton Asset Managers, and ABSA Bank, which runs into a total of R2.5 billion.

“The combined financing will also support Lenmed’s plans to expand into other African countries and help meet the company’s refinancing and working capital requirements,” said Devchand.

“In addition to financing, IFC will also help Lenmed improve its environmental and social standards and ensure sustainability across its operations.

“We are extremely excited to have concluded this significant debt package with IFC and our other funding partners, which underscores the confidence in both our Group and the work that we do.

“This additional capital will allow us to continue driving towards achieving our ambitious growth strategy while, at the same time, fulfilling our core purpose of creating healthier and more prosperous communities.”

Cláudia Conceição, IFC’s Regional Director for Southern Africa who also spoke on the partnership, said:

“Our investment in Lenmed will increase access to quality healthcare in South Africa and in other African countries, enabling more people to access the services they need.

“IFC complements public healthcare efforts by leveraging private sector funding and expertise to increase access and meet growing demand for services.”

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