INSUBCONTINENT EXCLUSIVE:
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
The company will name the new country (or countries) in the following year, he added.Goldman Sachs confirmed to TechCrunch its lead on
The United States -based finance firm has backed several African startups, including e-commerce venture Jumia and South African fintech
moving into B2B supply chain for FMCG and other consumer products.Prior to this, Twiga focused primarily on agricultural goods and
connecting more efficiently to marketplaces the produce of farmers.The venture has moved quickly on diversifying its supply-chain product
Grant Brooke, Twiga Foods serves around 3,000 outlets a day with produce through a network of 17,000 farmers and 8,000 vendors
losses in Kenya from 30% to 4% for produce brought to market on the Twiga network, according to Njonjo.Transferring these gains from
e-commerce with more favorable margins than existing players, i.e
kilometers away from any shop
around revenue and profitability
