Twiga Foods, a Kenyan business-to-business food supply platform has raised $10.3 million in a Series A funding round through debt and equity instruments.
Wamda Capital led this round among Omidyar Network, DOB Equity, Uqalo, 1776, Blue Haven Initiative, Alpha Mundi, and AHL.
Through this investment, Twiga will be able to increase the number of vendors it’s able to serve each day in Nairobi, diversify its product portfolio and introduce advanced supplier services.
Founded in 2014, Twiga Foods, a Kenyan business-to-business food supply platform has raised $10.3 million in a Series A funding round through debt and equity instruments.is a mobile-based supply platform that allows vendors who operate kiosks and market stalls in Nairobi to order for supply of products at low-cost, better quality and on time than what informal markets can provide. These products include bananas, tomatoes, potatoes, and onions. Twiga which processes over 4000 orders weekly has sold over 200 million bananas through its platform.
Twiga Foods Supply Trucks
“Twiga is an outcome of the Nairobi startup ecosystem, the years of investments that have gone into developing talent, supporting hubs, and attracting capital to the market,” said Grant Brooke, co-founder of Twiga Foods.
Fadi Ghandour, chairman of Wamda Capital, who will be joining the Twiga Board of Directors said: “Twiga represents our first investment in East Africa, a new geography for us in which we plan on being increasingly more active. We are particularly excited about beginning our investment program in East Africa by supporting this remarkable set of entrepreneurs building a truly disruptive business. Drawing on our experience in the logistics and supply chain space, we believe Twiga has developed a unique solution to address the inherent inefficiencies in the delivery of fresh produce in East Africa with significant positive impact for both producers and consumers”
In addition to the Series A round closing, Twiga closed some $2 million in grant funding from USAID, GSMA, and others to support bolt-on farmer services, financial inclusion, and first of their kind domestic food safety initiatives.
“The addition of new partners into Twiga, and continued support of our current stakeholders, is a huge affirmation that there’s a better way to build marketplaces for Kenya and the rest of urban Africa,” said Peter Njonjo, co-founder of Twiga Foods “We can get consumers and suppliers a better deal, and this support will go a long way in achieving those goals.”