The new investment will help Twiga to develop new proprietary technology and logistics assets to support the rollout of its distribution system and lay the foundations for expansion into other cities on the continent.
According to the Nairobi based Twiga, $23.75 million has been raised in a Series B equity round led by Goldman Sachs, with participation from existing investors including the International Finance Corporation, TLcom Capital and Creadev. An additional $6 million in debt was raised from OPIC and Alpha Mundi.
Peter Njonjo, Twiga’s co-founder and CEO noted that he money raised will be used to fund the firm’s expansion into other Kenyan cities, as well as French-speaking West Africa countries.
On the other side, an executive director of Goldman Sachs Jules Frebault also noted that the firm was delighted to be back Twiga as it scales.
Many Africans are food insecure despite marked improvements in nutrition over the past two decades. Sub-Saharan Africa, for example, produces less food per person today than it did three decades ago and the number of chronically undernourished people has increased dramatically. We Twiga hope that Twiga will leverage with the new investment and existing resources to reduce this menace.