$10 million has been invested in Kenyan based start-up, Twiga Foods by World Bank’s investment branch, the International Finance Corporation, and Pan-African venture capital firm, TLcom Capital.
The start-up brings smallholder farmers in rural areas to informal retail vendors in cities. Twiga uses a mobile platform to match supply and demand, aggregate market participants and finding buyers for farmers’ produce in Africa’s large.
Other investors that participated in the round of investment are: Global Agriculture and Food Security Program, Wamda Capital, DOB Equity, 1776 and Adolph H. Lundin.
Wale Ayeni, who is the leader of IFCs’ venture capital activities in Africa, and Maurizio Caio, Managing Partner at TLcom will join the board as part of the deal. Twiga will use the new investment to expand operations and offer new services.
Grant Brooke, CEO Twiga Foods commented that, “The investment will enable us reach more farmers, improve efficiency in service delivery and increase access to high quality produce and foodstuffs for vendors.”
Twiga has grown to work with over 13,000 farmers and 6,000 vendors in Kenya since 2014.
“Access to markets is a key concern for smallholder farmers across Africa, many of whom live in remote areas. IFC’s investment in Twiga supports a disruptive start-up that is helping create a more transparent, efficient supply chain, which connects farmers directly to markets, helping them earn more,” Nikunj Jinsi, IFC’s Global head of Venture Capital concluded.
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