Kenyan Twiga Foods secures $29.4m IFC debt funding to assist its farmers

KENYA – Kenya’s Agri-tech startup Twiga Foods has secured US$29.4 million in debt funding from the International Finance Corporation (IFC) to support more than 300 irrigated medium-scale contract farmers to complement Twiga’s seasonal smallholder farmer supply base. Founded in 2014, Twiga Foods is a business to business food distribution company that builds fair and reliable markets for agricultural producers and retailers through transparency, efficiency, and technology. The startup is one of the best-funded on the continent, securing a US$10.3 million Series A funding round in 2017, a further US$10 million in November 2018, and US$34.75…

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Twiga Foods signs deal with Jumia to distribute fresh produce

KENYA – E-commerce platform, Jumia Kenya and Kenyan-based technology food distribution platform, Twiga Foods have signed a partnership agreement that will enable shoppers on the platform to buy fresh produce as well as processed foods distributed by the farm produce aggregator. According to a Business Daily update, through the deal, shoppers can now buy pre-packed bundles whose cost will range between Ksh1,230 (US$11) and Sh3,180 (US$29) depending on the goods. The bundles will consist of items like watermelon, potatoes, tomatoes, onions, bananas, maize meal and processed milk. Delivery will be free in Nairobi and…

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Twiga Foods secures US$5m financing from American development bank

KENYA – Twiga Foods, a Kenyan online food distribution platform has received a US$5 million loan from the United States International Development Finance Corporation (DFC) to improve food security in Kenya. The investment from DFC seeks to empower smallholder farmers and urban produce vendors, especially women to have access to markets and also to improve the agricultural supply chain with cold storage, by enabling Twiga Foods to buy additional transportation and cold storage equipment. DFC’s investment in Twiga supports its 2X Women’s Initiative by empowering a network of mostly female produce…

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Twiga Food’s co-founder Grant Brooke steps down from management

KENYA – Grant Brooke, the co-founder and former CEO of Kenya-based B2B food distribution company, Twiga Foods, has announced that he is stepping down from active management, though he will remain on the company’s Board of Directors. Brooke said in a statement that he’s completely letting go of the reins at Twiga Foods having overseen a smooth transition since handing over the office of CEO to co-founder, Peter Njonjo, early 2019. In March 2019, Brooke stepped down from running the day-to-day activities at Twiga, taking up an Executive Director role…

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US bank Goldman Sachs acquires stake in Twiga Foods following a US$23m deal

KENYA – Goldman Sachs, American multinational investment bank has acquired stake in Kenyan-based technology food distribution platform Twiga Foods, following a Sh2.44 billion (US$23.75 million) deal aimed to widen its footprint in Kenya and Africa. Marking Goldman Sachs’ first major deal in Kenya, it will provide funding to the start-up together with three other Twiga Foods existing investors i.e. International Finance Corporation (IFC), venture capital firm, TLCom Capital, and French private equity fund Creadev. “Goldman Sachs is getting a stake and it will be the lead institutional investor in Twiga.…

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French investor Creadev acquires stake in Twiga Foods worth US$5M

KENYA – Creadev, a French-based investor, has acquired an undisclosed stake worth US$5 million (Sh500 million) at Kenya’s leading online grocery platform, Twiga Foods. Creadev is a global long-term investment firm wholly funded by the Mulliez family. According to a statement announcing the investment, the Gerard Mulliez’s family stake in Twiga Foods will be held under the family’s investment firm, Creadev. “Creadev… has announced a secondary investment of USD 5 million in Twiga Foods, a Kenyan-based technology based B2B platform that aggregates retail demand and efficiently provides low cost access…

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