Twiga Foods has secured $30 million Series B funding to digitize food distribution. The Kenyan food distribution company raised $23.75 million from Goldman Sachs, who led the Series B round with participation from old investors; the International Finance Corporation, TLcom Capital and Creadev. They secured an additional $6 million in debt funding from OPIC and Alpha Mundi.
Twiga Foods will leverage the money to fund their technology and logistics assets. The technology and logistics assets will aid the roll-out of its distribution system, which will help them expand across cities.
Since its inception in Nairobi in 2014, Twiga Foods has helped over 17,000 fresh food producers by ensuring an average delivery of thrice a week on average to 8,000 retailers. The platform leverages its end-to-end logistics network and digital platform to connect retailers with farmers, food manufacturers, etc.
See Also: Egypt-based Doctoorum secures undisclosed Funding
Peter Njonjo, CEO and Co-founder at Twiga Foods said the funding will give them the access to invest in their technology and organization. He also said the funding will help them tackle Africa’s domestic food production and distribution sectors. He noted that they will be developing a technology-driven commercial solution with the support of their investors to solve food security in Africa.
According to Jules Frebault of Goldman Sachs, “Twiga’s innovative model combines technology and modern logistics tailored to the local market to re-engineer the food supply chain. We are delighted to be backing Peter and the highly capable team as they scale operations and drive sustainable access to lower-cost quality food on the continent.”
Twiga Foods aims to tackle inadequacies in the supply chain, by aiding the reduction of food prices for consumers.
More on TechGist Africa
- Egypt-based Hive secures $400000, Improves Ride-hailing Platform for Kids
- UK Approves Sh1.8bn fund to Sponsor Fintech Startups in Kenya
- Enygma Ventures Launched $6.8M Fund to Support South African Female Startups
- Kenyan-based Aga Khan Uses 3D Technology to Treat Heart Disease
- Kenya-based MPost Secures $100,000 fund to Scale eCommerce in Africa
