Kenya's Twiga Foods raises $10.3mn to ex­pand op­er­a­tions

Financial Nigeria Magazine - - Finance -

Twiga Foods, a Kenyan busi­ness-to­busi­ness food sup­ply plat­form, said it has raised $10.3 mil­lion in Se­ries A fund­ing to ex­pand its op­er­a­tions.

The com­pany said the fi­nanc­ing will en­able it to in­crease the num­ber of ven­dors it is able to serve each day in Nairobi, di­ver­sify its prod­uct port­fo­lio, and in­tro­duce ad­vanced sup­plier ser­vices.

The Se­ries A fund­ing round was led by Wamda Cap­i­tal, but it also in­cludes Omid­yar Net­work, DOB Eq­uity, Uqalo, 1776, Blue Haven Ini­tia­tive, Al­pha Mundi, and AHL Ven­ture Part­ners. The com­pany said the fi­nanc­ing com­prised $6.3 mil­lion in eq­uity and $4 mil­lion in debt in­stru­ments.

Founded in 2014, Twiga is a mobile-based food sup­ply sys­tem that al­lows cus­tomers to or­der daily stock for ba­sic pro­duce sta­ples, ag­gre­gates de­mand, and pushes it to pro­duc­ers. Twiga is the largest dis­trib­u­tor of sev­eral food sta­ples in Kenya.

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