Kenya’s Twiga Foods raises $10.3m Series A funding round
Monday, July 31, 2017
Launched in 2014, Twiga Foods uses technology to consolidate the fragmented purchasing power of urban retailers, saving them a trip to the market by delivering to their doorstep better quality and better priced stock.
The startup’s platform then translates this aggregated purchasing power to farmers across the country, allowing them to access stable markets at better prices, while minimising post-harvest losses through efficient logistics. It is the largest distributor of a number of basic food staples in Kenya, having sold over 55 million bananas and delivering over 4,000 orders a week.
The US$10.3 million round was led by Wamda Capital and includes Omidyar Network, DOB Equity, Uqalo, 1776, Blue Haven Initiative, Alpha Mundi, and AHL, while Twiga has also secured US$2 million in grant funding from organisations such as USAID and the GSMA to support bolt-on farmer services, financial inclusion and domestic food safety initiatives.