Browsing: Agricultural value chains in Kenya

This week, Twiga announced that it has raised $23.75 million in a Series B equity round led by Goldman Sachs, with participation from existing investors, including the International Finance Corporation, TLcom Capital and Creadev. An additional $6 million in debt was raised from OPIC and Alpha Mundi.

Peter Njonjo, CEO and Co-founder at Twiga Foods, says, “This funding enables us to invest in our technology and organization ; a $300bn informal and fragmented market that is estimated to grow to $1trn by 2030. With the supto tackle the inefficiencies in Africa’s domestic food production and distribution ecosystemsport of our investors, we are developing technology-driven commercial solutions and cooperating with existing industry players to solve the challenge of food security in Africa.”

Jules Frebault of Goldman Sachs said, “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.”

With Sub-Saharan Africa’s population set to double over the next 30 years, access to reliable and affordable food sources for consumers and guaranteed markets for farmers are essential for effective food distribution.