Orda, a Nigerian restaurant management system company built for chefs and food business owners, has recently announced raising $1.1 million pre-seed round for expanding its software across African economies.
The recent financing tranche was headed by pan-African investor LoftyInc Capital. It also involved participation from some of the leading investors including Magic Fund, Hustle Fund, Enza Capital, Agrolay Advisors, Microtraction, Oxford Seed Fund, DFS Labs, Techstars Boulder, Norrsken Foundation, and angel investors such as Jesse Ovia, Buycoins’ Ire Aderinokun, and Ademola Adesina.
Orda’s addressable market is the segment of Africa’s restaurant industry. Orda, with its cloud-based software, seeks to make the restaurant businesses rely less on manual ways for managing it and more on a technological way.
It has been reported that the company’s full-stack and end-to-end approach would help restaurants manage the cumbersome processes like handling supply chains and making online deliveries. This can be potentially taken up by integrating local payments, inventory management, logistics, and business analytics features.
Guy Futi, Orda Co-founder and CEO quoted that the firm is majorly focusing on two types of restaurants - the bukkas [local restaurants] and the small restaurants, for instance.
Futi mentioned that these restaurants still make use of pen and paper and spend about 3 to 4 hours every day on reconciliation. They do not have the software to help with analytics and inventory management get.
In this situation, the firm has decided to develop a tailor-made cloud-based restaurant software for the chefs and restaurant industry of Africa, cites Guy.
On the other hand, Idris Ayo Bella, Managing Partner at LoftyInc Capital stated that the organization is delighted to invest in Orda given its core digital infrastructure development for restaurants across Africa.
Recently, Orda, in a statement, claimed that its gross merchandise value (GMV) increases 15% week-on-week while observing nearly up to 10,000 transactions weekly.