$4 million in debt and $6.3 million in equity have been raised by B2B activities in Kenya which are encouraging for Kenyan economy.
The urban retailers are facilitated well by Twiga, through its online product delivery services due to which the retailers do not have to bear transportation expenses and their purchasing power increases as a result.
The use of efficient logistics has also helped the farmers as now they do not suffer the loss after the harvest and they have complete access to the market which offers reasonable rates.
Twiga Foods, founded back in 2014, in just three years has earned the vital position of being the largest food staple distributor in Kenya. Twiga has sold more than 55 million bananas and 4000 orders per week are delivered by the company.
According to the Twiga Foods co-founder, Grant Brooke, the ecosystem of Nairobi marks the agent behind Twiga’s setup. Since the birth of the company, it helped the talent and supported small businesses.
As a result of the Series A Funding, Twiga will be able to serve more vendor in Nairobi every day and will introduce better services regarding the supplies of the product.
Wamda Capital led the round which included Uqalo 1776, Alpha Mudni, AHL, Blue Haven Initiative, DOB Equity and Omidyar Network.
Wamda Capital Chairman and an upcoming member of Twiga Board of Directors, Fadi Ghandour states that Wamda Capital’s first investment in East Africa is going to help Twiga and Wamda Capital is optimistic about exploring the new region by helping the local business through Twiga.
Wamda is dedicated to helping ecosystem of entrepreneurship across North Africa as well as the Middle East. The focus of the company remains on advisory services, media and community development.
Wamda aims to help Twiga to amprove supply chain and the expansion of better supply services, provision of logistics and making an overall positive impact in the fresh product sector of East Africa.
Twiga Foods Co-founder, Peter Njonjo is of the view that the new investment indicates that Kenya has an encouraging market space and there is a huge potential for contribution to fresh product market.
The partnership poses a positive impact on the expansion of technology sector in Nairobi.