Goldman Sachs Invests $23m in Kenya-based Twiga Foods

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Top American investment bank Goldman Sachs is the latest to acquire a stake in Kenyan start-up Twiga Foods following a Sh2.44 billion ( $23.75 million) deal that will help the agro-based firm spread across the country and Africa, Business Daily Africa has reported.

The US bank will provide funding to the start-up together with three other Twiga Foods existing investors — International Finance Corporation (IFC), venture capital firm, TLCom Capital, and French private equity fund Creadev.

The deal, which will be made public today, was inked on Friday and underlines Goldman Sachs’ quest for deals in Africa and international institutional clients looking to invest in the continent as the investment bank grapples with a slump in revenue.

It marks Goldman Sachs first major deal in a Kenyan firm.

 

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