The Mulliez Family, one of the wealthiest families in France has acquired an undisclosed stake worth US$5 million at Kenyan-based technology food distribution platform, Twiga Foods. The investment on Twiga Foods will be under the family’s investment firm, Creadev.
“Creadev, a global long-term investment firm wholly funded by the Mulliez family, has today 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 to better quality food,” said the statement announcing the deal.
Early investors in Twiga Foods including, Adolf H. Lundin Charitable Foundation, Blue Haven Ventures, Crescat Limited, Omidyar Networks, Index Ventures through Project Hand Purpose Trust, and Uqalo, have partially sold their stake during this transaction as part of a strategy to accommodate the later stage and longer-term investors.
The CEO of Twiga Foods, Peter Njonjo said: “Having Creadev join our shareholding is a huge boost to our mission to deliver safe, affordable high-quality food to urban consumers, while providing reliable markets for farmers. It will support our efforts towards growing our ecosystem of farmers and retailers.”
The Twiga Foods platform uses mobile phone technology to match supply and demand, aggregating market participants and finding buyers for farmers’ produce in Africa’s large, but highly fragmented fruit and vegetable market.
The company currently works with 17,000 farmers, and 2,500 retailers daily and is looking to further expand its operations within and outside Kenya. Peter Njonjo, who was until recently President of Coca-Cola’s West and Central Africa business a co-founder in Twiga, recently joined as CEO, a move that was well received by the investor community as the company seeks to strengthen its management team.
In a statement announcing the investment, Sarah Ngamau and Pierre Fauvet, who heads Creadev’s activities in Africa, said: “We are proud to enter into this long-term partnership with Twiga as they answer a massive market need: the structuration and formalization of the food logistics supply chain. We are impressed by Twiga’s fast growth, driven by an experienced and result-oriented management team.”
“We believe the appointment of Mr Njonjo as CEO is another proof of Twiga’s ambitions and willingness to grow to the next level. We will leverage on Creadev’s international retail network and future funding capacity to support the team in executing this ambitious expansion plan and continue delivering their strong value proposition to small-holder farmers, informal retailers, and end customers. We take the opportunity to thank Adolf H. Lundin Charitable Foundation, Blue Haven Ventures, Crescat Limited, Omydiar Networks, Index Ventures through Project Hand Purpose Trust, and Uqalo for their successful early-stage support to Twiga.”