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Sep 2024Heyfood said rider churn was a key operational risk because competitors poached riders with sign-up bonuses, and rising fuel costs pushed the company to consider financing electric vehicles for riders.
SourceCompany research
Public company, workplace, funding, and market signals
Overview
Heyfood is an Ibadan-based Nigerian food ordering and delivery marketplace for restaurants, hotels, QSRs and food vendors; it targets urban millennials and Gen Z and monetizes through sales commissions and delivery fees.
Primary product
Food ordering and delivery marketplace app
Founded
2021
Headquarters
Ibadan, Nigeria
Team size
11-50
Industry
Food and Beverage Services
Sub-industry
Food ordering and delivery marketplace
Offices
Ibadan, Nigeria (HQ)
Ibadan, Oyo, Nigeria
Ibadan 110115, Nigeria
Business model
Marketplace
Commission on sales
Delivery fees
Restaurant partnerships
Funding
Stage
Seed
Total raised
$625K
Latest round
Seed · Mar 2022
Latest amount
$125K
People & investors
Leadership
Co-Founder and CEO
Co-Founder and CTO
Quality assurance head
Work & culture
Public posts and interviews describe a student-origin team with an open, collaborative culture that moves quickly, works closely with operations, and prefers low-cost growth and community-led experimentation.
Compensation
Public compensation data is limited. One public interview says rider pay typically ranges from ₦50,000-₦200,000 per month depending on trips, and LinkedIn employer ratings show compensation at 2.6/5.
Benefits
Healthcare fund for riders
Birthday celebrations for riders
Lunch for riders
Flexible earnings for riders
In-app bonuses and rewards
Product & market
Pricing
Commission on sales and delivery fees, with occasional in-app discounts and promotions.
Differentiators
- —Profit-first unit economics
- —Prepaid wallet checkout to reduce fraud and simplify reconciliation
- —Store-agent model for low-digital-literacy restaurants
- —Suburban/city expansion strategy before Lagos
- —Restaurant discovery, diner QR ordering and automatic payouts
Technology
Next.js
React
Google Analytics
Meta Pixel
Customers
Urban millennials and Gen Z
Restaurants
Hotels
QSRs
Food vendors
Merchants
Riders
Competitors
Chowdeck
FoodCourt
Glovo
Jumia Food
Bolt Food
Scale & contact
Estimated revenue
approximately $6M ARR
Estimated monthly visits
22.9K
Traffic estimate as of Jun 2026
Signals & risks
Latest news
Business Insider Africa · Jul 2026
Profiles Taiwo Akinropo and says Heyfood has processed more than ₦6.1 billion in transactions; the story also frames Heyfood as the basis for Akinropo's newer AI venture.
TechRound · Jun 2026
Interview with the founder/CEO about Heyfood, fundraising, and building from Nigeria; also notes his broader startup profile and continued leadership role.
TechCabal · Sep 2024
Discusses Heyfood's profitability claims, order values, and expansion strategy as a way to 15x revenue while avoiding Lagos.
TechCabal · Sep 2024
Details expansion plans, undisclosed funding from Y Combinator, Voltron Capital, Goodwater Capital and Ventures Platform, profitability claims, unit economics, rider churn risks, and rider benefits.
Marketing For Geeks · Aug 2024
A growth case study covering early campus origins, community-led marketing, expansion into multiple cities, open team culture, and operational learnings.
Jobs and careers at Heyfood
0 jobs at Heyfood
No open positions
Check back later for new openings