Since 2014, Twiga Foods has led the technological revolution being witnessed in the supply chain of the food and retail distribution sector in Africa.
Today, the firm, which launched seven years ago, has announced a US$50 million Series C round to scale its operations in Kenya and other countries in the East African region.
This latest financing comes on the heels of Twiga’s US$30 million Series B round — structured as US$23.75 million equity and $6.25 million in debt — in 2019. According to Crunchbase, Twiga’s total funds raised so far stand at US$100 million in both debt and equity financing rounds.
For most of Twiga’s time in business, it has served as a link between vendors and outlets and farmers through an app that allows seamless access to a diverse range of agricultural produce.
Later in 2019, the firm began exploring new waters by connecting FMCGs and manufacturers with retailers in Kenya as part of a move to increase revenue. This brought it into direct competition with regional players such as Sokowatch and MarketForce.
“We see ourselves as building a one-stop-shop for the informal retailer and all their needs. So that’s what we’re evolving into as a business,” CEO Peter Njonjo said to TechCrunch in an interview.
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