Nigerian on-demand delivery platform Chowdeck, has secured $2.5 million in seed funding to fuel its expansion across the country. This investment, led by prominent names like Y Combinator and Goodwater Capital, marks a significant milestone for the startup’s journey to transform Nigeria’s delivery landscape.
Chowdeck’s impressive growth trajectory is undeniable. Since its launch in 2021, the company has witnessed a staggering 140% increase in its monthly gross merchandise value, currently exceeding ₦2.4 billion. This achievement is attributed to their commitment to efficiency, offering a robust network of over 6,000 riders delivering food and groceries to over 500,000 users across eight Nigerian cities.
Chowdeck’s financial model is unique, prioritizing both profitability and rider satisfaction. They achieve this through a multi-pronged approach, including restaurant commissions, service fees, and competitive rider pay. Notably, riders can earn between ₦100,000 and ₦150,000 weekly, rivalling the salaries of senior civil servants in Nigeria. This competitive pay incentivizes riders to prioritize efficient deliveries, ensuring a seamless customer experience.
Looking ahead, Chowdeck plans to leverage this seed funding to solidify its dominance in existing markets and strategically expand to new Nigerian cities. The company is also committed to improving its overall operations, including its customer support system, to accommodate its rapidly growing user base.
Chowdeck’s success story transcends its financial achievements. It addresses the critical need for a reliable on-demand delivery service in Nigeria, while fostering a supportive environment for its workforce. By prioritizing talent cultivation through their graduate trainee program, Chowdeck is actively combating the challenge of brain drain in Africa.
The funding round for Chowdeck was led by Y Combinator and Goodwater Capital, with participation from angel investors including Simon Borrero, Juan Pablo Ortega, Sudeep Ramani, Ayo Arikawe, Karthik Ramakrishnan, Shola Akinlade, and Ezra Olubi. This impressive list of backers signifies the confidence in Chowdeck’s innovative approach and its potential to revolutionize the Nigerian delivery sector.
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Chowdeck’s $2.5M seed funding is a game-changer! Their growth will surely impact communities positively. While supporting new ventures, don’t forget to help others—consider donating clothing to a domestic violence shelter and make a real difference in someone’s life today.
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