Vendease, a Nigerian food tech procurement platform, is stepping up fundraising efforts and expanding its presence across the continent.
As it seeks expansion, the company has strengthened its senior management by appointing Mohamed Chaudry as its new chief financial officer (CFO).
According to the company, Chaudry’s appointment brings over 20 years of experience to the executive team, with a focus on driving growth through business scaling, securing funding, and strategic financial strategy implementation.
It also states that his focus at Vendease is on ‘innovating and enhancing operational efficiency’ in food procurement across Africa.
Previously, Chaudry was the Group CFO at Foodhub. Vendease says he was instrumental in growing operations to eight countries, delivering considerable revenue growth, and scaling the team.
Tunde Kara, CEO of Vendease, says the company’s fundraising effort to be led by Chaudry will enable it to scale operations and introduce new solutions that “redefine how businesses procure food supplies.”
Chaudry comments on his hiring, saying: “The opportunity to contribute to the company’s expansion and innovation in the food-tech space is truly inspiring. I look forward to working closely with the team to drive sustainable growth and deliver exceptional value to our customers.”
Vendease, founded in 2019, has a presence in Nigeria and Ghana and provides real-time inventory tracking, predictive analytics for demand forecasting, payments, and automated reconciliation for the food procurement sector.
Beyond procurement, Vendease also offers customised financial services, such as the Buy Now Pay Later (BNPL) service, which it says helps businesses manage their cash flow more effectively by providing flexible payment options, streamlined payment management, and credit facilities tailored to the diverse needs of the food industry.
According to the company, these financial solutions help businesses manage cash flow and invest into growth opportunities.
Vendease says its technology has since empowered over 4,000 African businesses to optimise their procurement processes efficiently and save them over $12 million in procurement costs.
Additionally, the company says it deployed $72 million in credit to support the growth of food businesses.
