Vendease, a digital platform launched in 2020, aims to optimize the food supply chain in Africa by assisting food businesses with supply procurement, financial services, and streamlined operations. Co-founder and CEO Tunde Kara explained that by leveraging digital technologies and implementing measures such as digital marketplaces, remote sensing, and real-time data exchange, the platform is taking steps to overcome the unique challenges faced in Nigeria and West Africa.
Currently, food supply chains in Africa are not maximizing their potential, with food factories often operating at less than 50% capacity due to limited access to quality raw materials and the funds required to purchase them. Kara emphasized the need for efficient commodity flow within food processing factories and highlighted Vendease’s commitment to contributing to food supply in the region. Through partnerships with over 20 food processors, the platform has already supplied significant amounts of paddy rice, maize, and soybeans in Nigeria.
Insufficient food supply and high production costs have a detrimental impact on consumers in Nigeria and West Africa, who spend up to 60% of their income on food compared to 10% spent by consumers in Europe and the US. Vendease addresses these issues by automating supply processes for hotels and restaurants, ultimately reducing procurement costs. Kara stated that this system is scalable and has the potential to further lower food prices.
In addition to food supply and cost-related challenges, Vendease acknowledges the significance of addressing food security, water scarcity, and crop resilience in Africa. Digitization plays a crucial role in overcoming these obstacles by improving market access, reducing post-harvest losses, and facilitating the sharing of best practices for water management and conservation among farmers. By providing real-time weather information, access to climate-smart agriculture techniques, and pest and disease alerts, digitization empowers farmers to make informed decisions and enhances crop resilience.
Having secured over $33 million in funding and being listed among the World Economic Forum’s 100 ‘technology pioneers’ for 2023, Vendease is focused on growth, expansion, and building innovative products for the food ecosystem. CEO Tunde Kara believes that this recognition will benefit the entire African food-tech industry, attracting investment, fostering partnerships, and driving positive change in addressing food security and sustainable agriculture across the continent.
In conclusion, Vendease is proud to be recognized as a pioneering food-tech company by the World Economic Forum. Their dedication to reducing food waste, promoting product innovation, and addressing urgent issues in the African food industry is reflected in their accomplishments and aspirations for the future. The WEF recognition serves as a catalyst for growth, collaboration, and innovation in the African food-tech space, driving positive change and raising the profile of the sector.
