You might have come across Twiga Foods, which is a company that has the goal of solving the fragmentation in the produce market. They have received funding before and now they have inked another deal.
Yesterday, President Uhuru Kenyatta witnessed the signing of two agreements worth $238 million (Kshs 23.968 billion), of which $5 million (Kshs 503 million) was linked to Twiga Foods.
“The second agreement signed in the presence of President Kenyatta when he met business executives of leading US companies meeting under the umbrella of the Business Council for International Understanding (BCIU), was a $5 million letter of commitment in financing to expand the distribution network of Twiga Foods and improve food security and agricultural wages in Kenya,” it said in the post.
This agreement was signed between Twiga Food’s Grant Brooke, Kipeto Energy’s Dr Kenneth Namunje with US’s OPIC (Overseas Private Investment Corporation).
The proposed $5M deal for Twiga could be a big deal for the company as they seek to improve their distribution network. This is not the first time we have seen Twiga Foods raise capital for their operations. Last month, it was reported that the International Finance Cooperation was set to invest $3M (around Kshs 300 million) to Twiga Foods, which was part of their efforts to raise more than Kshs 700 million from multiple investors. They also had a $10.3 M Series A funding last year to cement their stand in the market.
Since its launch in 2014, Twiga says they have linked 8,370 farmers with 5,226 vendors and their team has grown to over 400 professionals and have sold over 200 million bananas.
