Monday
October 28
2019

Kenya’s Twiga Foods Eyes West Africa After $30M Raise Led by Goldman

By Jake Bright

Kenya’s  Twiga Foods has raised a total of $30 million from lenders and investors led by Goldman Sachs.

The B2B food distribution company financed $6.25 million of the funding in convertible debt and $23.75 million in equity, classified as a Series B round. IFC, TLcom Capital, and Creadev joined Goldman on the VC side.

Twiga will use the funds to set up a distribution center in Nairobi and deepen its conversion to offering supply chain services for both agricultural and FMCG products.

The Nairobi based company will invest in expanding into more cities in Kenya, including Mombasa. Twiga is also targeting Pan-African expansion by third quarter 2020.

Photo courtesy of Bioversity International.

Source: TechCrunch (link opens in a new window)

Categories
Agriculture
Tags
agribusiness, agriculture, emerging markets, supply chains