NAIROBI, Nov 2 (Reuters) – Kenyan food distribution start-up Twiga Foods has raised $50 million in fresh capital to fund its expansion in East and West Africa, the company said.
Twiga is among a group of African start-ups that aim to use information technology to solve the continent’s problems, such as highly fragmented and informal retail food markets that discourage investments in farming.
The company said in a statement late on Monday it had raised the amount from existing investors such as the International Finance Corporation, TLcom Capital and Creadev, TLcom, Juven and DOB Equity.
t said other investors who had joined in the new funding were Endeavor Catalyst Fund and Finnish development finance institution Finnfund.
Twiga says it employs over 1,000 people and has over 100,000 customers for its services across Kenyan cities, delivering over 600 tonnes of product to over 10,000 retailers daily.
The company, founded in 2014, said it had also raised another $30 million in a secondary transaction from some of its existing investors.
(Reporting by George Obulutsa; Editing by Kim Coghill)