Kenya’s Twiga Foods eyes West Africa after $30M raise led by Goldman
The B2B food distribution company financed $6.25 million of the funding in convertible debt and $23.75 million in equity, classified as a Series B round. IFC, TLcom Capital and Creadev joined Goldman on the VC side.
Twiga will use the funds to set up a distribution center in Nairobi and deepen its conversion to offering supply chain services for both agricultural and FMCG products.
The Nairobi-based company will invest in expanding into more cities in Kenya, including Mombasa. Twiga is also targeting Pan-African expansion by third quarter 2020.
“We’re working on French West Africa…we see significant opportunity in those markets,” Twiga CEO Peter Njonjo told TechCrunch. The company will name the new country (or countries) in the following year, he added.
Goldman Sachs confirmed to TechCrunch its lead on Twiga’s Series B funding. The U.S.-based finance firm has backed several African startups, including e-commerce venture Jumia and South African fintech startup Jumo.
Twiga’s financing comes 11 months after a $10 million raise and announcement it would create additional revenue streams by moving into B2B supply chain for FMCG and other consumer
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