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.
[…] plant south of Nairobi. The second agreement was signed between OPIC and Twiga Foods and covered $5 million in financing to expand Twiga Foods’ distribution network. President Kenyatta applauded the commitment by Twiga Foods in Kenya’s agricultural sector, […]
[…] plant south of Nairobi. The second agreement was signed between OPIC and Twiga Foods and covered $5 million in financing to expand Twiga Foods’ distribution network. President Kenyatta applauded the commitment by Twiga Foods in Kenya’s agricultural sector, […]
[…] plant south of Nairobi. The second agreement was signed between OPIC and Twiga Foods and covered $5 million in financing to expand Twiga Foods’ distribution network. President Kenyatta applauded the commitment by Twiga Foods in Kenya’s agricultural sector, […]
[…] au sud de Nairobi. . Le deuxième accord a été signé entre l’OPIC et Twiga Foods et couvrait un financement de 5 millions de dollars pour étendre le réseau de distribution de Twiga Foods . Le président Kenyatta a salué l’engagement de Twiga Foods dans le secteur agricole du Kenya, […]
[…] of cars in Kenya, also secured an $11 million debt facility from OPIC. While Twiga Foods was a beneficiary of deals worth $238 million between OPIC and Kenyan mid this […]
[…] of cars in Kenya, also secured an $11 million debt facility from OPIC. While Twiga Foods was a beneficiary of deals worth $238 million between OPIC and Kenya mid this […]
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