Nigerian restaurant management platform Orda gets $1.1M, wants to be the Toast of Africa – TechCrunch


Cloud-based POS for small and medium-sized restaurants has increased Awesome In both size and popularity.Markets dominated by incumbents like toast And upcoming players such as MarginEdge And Brazil Zack, Its value is fixed at over $ 70 billion worldwide, Expected It will reach $ 116 billion over the next four years.

Like most technologies, Africa is catching up with this food technology segment. However, some start-ups are focused on the market and aim to become top players as they mature...One such startup is in Nigeria Ordo, Previously Known as Star Kitchens. Today, we announced that we have secured a $ 1.1 million pre-seed round to extend our software across Africa.

Calling itself “a cloud-based restaurant operating system built for African chefs and food business operators,” the round was led by Pan-African investor Lofty Inc Capital.

Other institutional investors include Techstars Boulder, Magic Fund, Hustle Fund, Norrsken Foundation, Microtraction, DFS Labs, Oxford Seed Fund, Enza Capital, Agrolay Advisors, and Buycoins’ Ire Aderinokun, Jesse Ovia, Ademola Adesina and other angel investors. It is included.

While large restaurants and restaurant chains can often set up management systems or use well-known point-of-sale providers, thousands of small restaurants in Africa are responsible for creating and collating receipts. It relies on offline methods such as pen and paper.

Orda’s addressable market is this segment of the African restaurant industry. Orda wants these companies to be independent of how they manually manage their businesses using cloud-based software.

“There are two types of restaurants that most of our focus is on — Booka [local restaurants] For example, a small restaurant, “says Orda, co-founder and CEO. Guy Futy I told TechCrunch in an interview.

“These are restaurants that use paper and pens and spend 3-4 hours reconciling... They do not have immediate access to software for analysis and inventory management... So we decided to build customized cloud-based restaurant software for the large African chef and restaurant industry... “

A classic example of a technology business focused on food and restaurants is when restaurants are Jumia Food. GloboSome people try to handle the entire supply chain that YC supports. vendor.. Orda’s full stack and end-to-end approach — the result of continuous build and iteration by the CTO Fikayo Tomori — Helps restaurants manage these processes online while integrating local payments, logistics, inventory management, and business analytics capabilities.

“Olda Was built From almost 18 months of a joint customer feedback loop. We listened to everything about how African restaurants adjust inventory, how customers pay, how to handle logistics, and more. We can With confidence No one has done as much work as needed to build an end-to-end solution for a food business. “The CTO said in a statement...

Restaurants using the management platform can also access dashboards to accept and process orders from food delivery services Jumia Food, Glovo, Bolt Food, and in-store, websites, WhatsApp and other social media channels. increase.

Orda claims that no other company has made similar integrations in the field. These integrations give Orda an edge by including an ePos solution that allows restaurants to operate remotely with little or no internet access. of The market was said by Futy.

Futi also added that recruitment from restaurants in the markets it operates (Nigeria and Kenya) is “very seamless” and that cloud-based software doubles its growth rate every three weeks. In a statement, Orda states that its total commercial value (GMV) will increase by 15% weekly, processing up to 10,000 transactions per week.

Current, Orda charges the restaurant $ 5 to $ 50 each month to access the software. After closing the pre-seed and working to raise seed rounds, the CEO said Orda will build financial products, especially in lending, and embark on restaurant payment processing.

Orda has some duplication of the business model of a company like Toast that has grown significantly since the launch of FinTech technology solutions... Last year, 80% of U.S. companies Third-quarter revenue of $ 486.4 million It came from payment processing and the provision of financial products.However, most of the total costs incurred also came from the segment...

“”“We want to be like toast in Africa,” said CEO, adding that white-label mobile applications for restaurants operating on cloud-based infrastructure (similar to toast takeout) will also double.

Futi, who founded the company with Akinwael, Mark Edomwande, Kunle Ogungbamila, When Namir El Kohli Said new in 2020 Subsequent Orda is funded and is working to expand into South Africa by the end of this year.

Lead Investor Managing Partner Idris Ayo Bello Lofty Inc CapitalDescribes this investment as follows: “Orda loved investing in Orda because it is building the core digital infrastructure for restaurants across Africa. The team is trying to unravel the key issues facing African restaurant owners. We are working hard to build solutions that can revolutionize the food business across the continent. “

Nigerian restaurant management platform Orda gets $1.1M, wants to be the Toast of Africa – TechCrunch Source link Nigerian restaurant management platform Orda gets $1.1M, wants to be the Toast of Africa – TechCrunch

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