Nigerian profitable food delivery Chowdeck lands $9M from Novastar, Y Combinator
Chowdeck, a Lagos-based food delivery startup, has raised $9 million in Series A funding. The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, and other investors. Chowdeck has managed to stay profitable in the highly competitive and low-margin food delivery market in Nigeria. The startup plans to use the new funds to launch a quick commerce strategy and expand its operations into more cities in Nigeria and Ghana. Quick commerce refers to the delivery of products within a short timeframe, typically less than an hour. Chowdeck's ability to remain profitable in a challenging market has made it an attractive investment for the investors. The startup's success is seen as a positive sign for the growth of the food delivery industry in Africa, where the market is still largely untapped.
Note: This is an AI-generated summary of the original article. For the full story, please visit the source link below.
