Kenyan fresh farm food distribution startup Twiga foods has just announced that it raised $500 million from various Western and Africa-based investors. The funds will be channeled towards the company’s expansion into East, West & Central African countries including Rwanda, Tanzania Nigeria Ghana among others! Last year they announced plans to expand their operations but were slowed down by Covid 19 pandemic which disrupted business in several countries across the sub-Sahara region. Now with improving health indicators locally as well as internationally,they want to resume those original expansions.
The company is looking to invest in an on-site supply chain for tomatoes as the price of produce fluctuated. In addition, they hope that by producing their own brand of food and products at a lower cost than competitors will make them more competitive with market prices during this pandemic period while also making money off these items once it ends!
“It is not just working with smallholder farmers; we will work with them but on some value chains. But we’re looking at having larger commercial farms integrated into our supply chain,” Mr Njonjo said.
Twiga Foods is revolutionizing the way produce from Kenya’s farmers get onto our plates. Farmers can now sell their goods at a higher price thanks to this innovative company, and Twiga’s network of vendors means that more people will be able not only buy these delicious fruits in local markets but also online through e-commerce sites like Amazon Prime.
The latest fundraising was led by led by private equity firm Creadev. TLcom- an Africa-focused firm, IFC ventures, DOB Equity and Goldman Sachs’ spinoff Juven as well as first time investors OP Finnfund Global and Endeavor Catalyst Fund also participated.
