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Kenya-based Twiga Foods has announced the successful close of a $50-million Series-C round to scale operations in Kenya and neighboring countries, TechCrunch reported.
Twiga Foods is an agtech startup linking Kenyan farmers and vendors to fair, trusted and modern markets. It offers the full supply chain for quality produce in urban areas.
The startup operates a cashless mobile B2B supply platform that provides market access to millions of small- and medium-sized vendors in African urban centers.
It was founded in 2013 by Grant Brooke and Peter Njonjo.
“We see ourselves as building a one-stop-shop for the informal retailer and all their needs,” Njonjo, Twiga co-founder and CEO, said.
Creadev, a Paris- and Nairobi-based family office, led the Series-C round.
Other participants in the round included TLcom, IFC Ventures, DOB Equity and Juven, a Goldman Sachs spinoff.
Also participating for the first time were OP Finnfund Global and Endeavor Catalyst Fund.
The latest funding round followed a $30-million Series-B round ($23.75 million in equity and $6.25 million in debt ) in 2019.
Twiga has raised in total more than $100 million in debt and equity financing.
“We are deeply convinced in Twiga’s potential to revolutionize informal retail across Sub-Saharan Africa,” Creadev Africa Director Pierre Fauvet said. “Tapping into a $77-billion urban market on the continent, Twiga has gained significant traction since inception, leveraging on technology to optimize the food supply chain in African cities and constantly innovating to better tackle logistics, commercial, social and environmental challenges.”
