{"id":5885,"date":"2019-10-28T15:34:24","date_gmt":"2019-10-28T12:34:24","guid":{"rendered":"http:\/\/www.inversk.co.ke\/?p=5885"},"modified":"2019-10-29T18:04:12","modified_gmt":"2019-10-29T15:04:12","slug":"africas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding","status":"publish","type":"post","link":"https:\/\/www.kenyanenterprise.com\/sites\/kimani\/article\/africas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding\/","title":{"rendered":"Africa&#8217;s Most Funded Startup to Expand its wings to West Africa After Raising $30M Series B Funding"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-large\" style=\"float:left\"><div class=\"counts mashsbcount\">622<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-large mash-center mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.kenyanenterprise.com%2Fsites%2Fkimani%2Farticle%2Fafricas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Share<\/span><\/a><a class=\"mashicon-twitter mash-large mash-center mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.kenyanenterprise.com\/sites\/kimani\/article\/africas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding\/&amp;via=enterprise_ke\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Tweet<\/span><\/a><a class=\"mashicon-subscribe mash-large mash-center mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-large mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><div class=\"mashsb-toggle-container\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Kenya\u2019s fresh farm food distribution company and Africa&#8217;s most funded startup, Twiga Foods, is planning to expand its wings to West Africa &#8211; a plan that comes after the startup acquired $30 million funding from lenders and investors led by Goldman Sachs.<\/p>\n<p>In the deal which was inked on Friday and announced on Monday, Twiga Food raised a $6.25 million convertible debt from Overseas Private Investment Corporation (Opic) and the Switzerland-based Alpha Mundi and $23.75 million in equity from Goldman Sachs, The World Bank\u2019s International Finance Corporation (IFC), private equity firm TLCom Capital and French investment company Creadev.<\/p>\n<p>In a statement, Twiga Foods said \u201cthe Series B will fund the continued development of Twiga\u2019s proprietary technology and logistics assets to support the roll-out of its distribution system and lay the foundations for expansion into other cities on the continent.\u201d<\/p>\n<p>\u201cGoldman Sachs is getting a stake and it will be the lead institutional investor in Twiga. It is providing the bulk of the $23.75 million,&#8221; said Twiga Foods&#8217; CEO and Co-founder, Peter Njonjo.<\/p>\n<div class=\"ose-twitter ose-uid-3c35028fbe4db28fb24ba9e716b3b3bd ose-embedpress-responsive\" style=\"width:600px; height:550px; max-height:550px; max-width:100%; display:inline-block;\"><blockquote class=\"twitter-tweet\" data-width=\"600\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">We are really excited with the milestone of having <a href=\"https:\/\/twitter.com\/hashtag\/GoldmanSachs?src=hash&amp;ref_src=twsrc%5Etfw\">#GoldmanSachs<\/a> join the <a href=\"https:\/\/twitter.com\/hashtag\/TwigaTeam?src=hash&amp;ref_src=twsrc%5Etfw\">#TwigaTeam<\/a> in transforming Food Retail in Africa.<a href=\"https:\/\/t.co\/XBo8LMMHj8\">https:\/\/t.co\/XBo8LMMHj8<\/a> <a href=\"https:\/\/t.co\/XBo8LMMHj8\">https:\/\/t.co\/XBo8LMMHj8<\/a><\/p>&mdash; Peter Njonjo (@njonjo2012) <a href=\"https:\/\/twitter.com\/njonjo2012\/status\/1188746068969873408?ref_src=twsrc%5Etfw\">October 28, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<p>The financing will enable the company to expand its operations and geographic footprint as well as continue to develop its proprietary technology platform.<\/p>\n<p>\u201cThis funding enables us to invest in our technology and organization to tackle the inefficiencies in Africa\u2019s domestic food production and distribution ecosystems; a $300bn informal and fragmented market that is estimated to grow to $1trn by 2030. With the support of our investors, we are developing technology-driven commercial solutions and cooperating with existing industry players to solve the challenge of food security in Africa,\u201d Peter added.<\/p>\n<p>Reportedly, the company intends to use the funds to set up a distribution center in Nairobi and other cities in Kenya, including Mombasa. Twiga is also targeting Pan-African expansion by third quarter 2020.<\/p>\n<p>\u201cWe\u2019re working on French West Africa\u2026we see significant opportunity in those markets,\u201dadded Mr Njonjo, adding that the new countries will be named next year.<\/p>\n<p>So far, the agricultural produce startup is the most funded Twiga is one of the best-funded in Africa. In 2017, it raised $10.3m from investors.<\/p>\n<p>In November 2018 Twiga raised another $10m from the International Finance Corporation (IFC), TLcom, and the Global Agriculture and Food Security Programme.<\/p>\n<p>Twiga reports that it sends produce from over 17,000 producers to 8,000 vendors thrice a week.<\/p>\n<p>Reportedly, Twiga Foods will use the $30m round to set up a distribution centre in Nairobi and expand to more cities in Kenya.<\/p>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-large\" style=\"float:left\"><div class=\"counts mashsbcount\">622<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-large mash-center mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.kenyanenterprise.com%2Fsites%2Fkimani%2Farticle%2Fafricas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Share<\/span><\/a><a class=\"mashicon-twitter mash-large mash-center mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.kenyanenterprise.com\/sites\/kimani\/article\/africas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding\/&amp;via=enterprise_ke\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Tweet<\/span><\/a><a class=\"mashicon-subscribe mash-large mash-center mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-large mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><div class=\"mashsb-toggle-container\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->","protected":false},"excerpt":{"rendered":"<p>Kenya\u2019s fresh farm food distribution company and Africa&#8217;s most funded startup, Twiga Foods, is planning to expand its wings to West Africa &#8211; a plan that comes after the startup acquired $30 million funding from lenders and investors led by Goldman Sachs. In the deal which was inked on Friday and announced on Monday, Twiga [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":5887,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","sync_status":"","episode_type":"","audio_file":"","castos_file_data":"","podmotor_file_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","footnotes":""},"categories":[193,479,421,527],"tags":[173,561],"series":[],"episode_featured_image":"https:\/\/www.kenyanenterprise.com\/wp-content\/uploads\/2019\/10\/Peter-Njonjo-Co-Founder-and-CEO-at-Twiga-Foods.jpg","episode_player_image":"https:\/\/www.kenyanenterprise.com\/wp-content\/plugins\/seriously-simple-podcasting\/assets\/images\/no-album-art.png","download_link":"","player_link":"","audio_player":false,"episode_data":{"playerMode":"dark","subscribeUrls":{"apple_podcasts":{"key":"apple_podcasts","url":"","label":"Apple Podcasts","class":"apple_podcasts","icon":"apple-podcasts.png"},"stitcher":{"key":"stitcher","url":"","label":"Stitcher","class":"stitcher","icon":"stitcher.png"},"google_podcasts":{"key":"google_podcasts","url":"","label":"Google Podcasts","class":"google_podcasts","icon":"google-podcasts.png"},"spotify":{"key":"spotify","url":"","label":"Spotify","class":"spotify","icon":"spotify.png"}},"rssFeedUrl":"https:\/\/www.kenyanenterprise.com\/feed\/podcast\/default-podcast","embedCode":"<blockquote class=\"wp-embedded-content\" data-secret=\"s4oZyUMmYP\"><a href=\"https:\/\/www.kenyanenterprise.com\/sites\/kimani\/article\/africas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding\/\">Africa&#8217;s Most Funded Startup to Expand its wings to West Africa After Raising $30M Series B Funding<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.kenyanenterprise.com\/sites\/kimani\/article\/africas-most-funded-startup-to-expand-its-wings-to-west-africa-after-raising-30m-series-b-funding\/embed\/#?secret=s4oZyUMmYP\" width=\"500\" height=\"350\" title=\"&#8220;Africa&#8217;s Most Funded Startup to Expand its wings to West Africa After Raising $30M Series B Funding&#8221; &#8212; Kenyan Enterprise\" data-secret=\"s4oZyUMmYP\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! 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