News in brief: Vendease has been recognised as a World Economic Forum Technology Pioneer for 2023. The exclusive list is for companies addressing global challenges with innovation. The award provides opportunities for collaboration and engagement with stakeholders to create solutions in the food industry.
Vendease, a Nigerian digital platform for restaurants to purchase food supplies, access capital and streamline their business, was named a World Economic Forum (WEF) Technology Pioneer for 2023.
The international organisation selects 100 companies that are solving sustainability, climate change, and healthcare issues all over the world. According to the startup’s press release, the selection pool was from six continents and 31 economies.
Speaking on the selection, Verena Kuhn, Head of Innovator Communities at WEF, said that the chosen companies led innovation that solve important problems.
“Vendease and its fellow pioneers are at the forefront of innovation and disruption needed to help us solve the world’s most pressing issues,” Kuhn’s statement read.
The award means that Vendease will work with the WEF and world leaders to create solutions in the food industry. Also, the company gains access to several stakeholders in the public and private sector through other events and discussions that it attends as a guest of the organisation.
Kara said that the WEF recognition proves that Vendease is putting in the work towards achieving food security in Africa. He emphasised that the company helps reduce food waste and improves the food supply chain with innovative products. In 2022, the company said that it helped customers save $500,000 in waste that comes from over stocking. It also helped them save $2 million in procurement costs as well as 10,000 person-hours.
“Joining the World Economic Forum’s Technology Pioneer community enables us to collaborate with like-minded pioneers, thought leaders and policymakers who share our vision of building a more resilient and equitable food ecosystem,” the executive added.
Vendease offers inventory management, sales analytics, customer relationship management tools, and other services to restaurant owners across Africa. It had begun as a middleman/delivery service helping restaurants to buy food materials from suppliers and farms in 2020. However, it pivoted to play a bigger role in the market.
A third of the 100 startups on the WEF 2023 Technology Pioneer list have women CEOs. The US has the most companies on the list with 29 while China came second with 12 representatives. Other Nigerian startups included are Shuttlers Metropolitan Mobility and Alerzo.
