Kenya’s Twiga Raises $50 Million To Scale Food Solutions Across Africa
Years ago, Americans spent most of their disposable income on food, but consistent investment in retail infrastructure has changed that. Now, they only spend 6% of their household income on food and beverages.
Africa still battles with this, and it is not hard to see why. The continent’s retail markets are highly fragmented and mostly made up of small and informal retailers and intermediaries, which is why a ton of tomatoes that costs around $100 in the U.S., for instance, costs about $400 in Kenya.
Since 2014, Twiga Foods has been using technology to build supply chains in food and retail distribution on the continent, starting with Kenya. Today, the seven-year-old company is announcing a $50 million Series C round to scale its efforts in the East African nation and other neighboring countries.