Twiga-foods, a Kenyan Agri-tech start-up secures US$10M funds.

A Kenyan agri-tech start-up called Twiga-Foods has raised an amount of US$10 million from two companies, the International Finance Corporation, and TLcom Capital and 3 other investor companies.

 

Twiga-foods

Overview:

Twiga-Foods is an agri-tech start-up which connects small-firm farmers in rural areas to retailers in cities. It helps small farmers distribute food and provides reliable markets for food producers and retailers with the use of technology.

Twiga-food uses mobile phone technology to connect farmers and retailers and finds buyers for small farmers.

Last year the agri-tech start-up Twiga-foods secured US$10.3million funds with various investors and this year, on the lead of IFC which is a Pan-African venture capital firm with 4 other investors and partners of IFC have given Twiga-food US$10million funds. With the funds’ secured Twiga-foods plans to expand to reach and connect more farmers to retailers across Kenya.

According to Grant Brooke, the CEO of Twiga-Foods, this investment will enable them to reach more farmers, “The IFC and TLcom investment will enable us to reach more farmers, improve efficiency in service delivery and increase access to high-quality products and foodstuffs for vendors. We will continue in our mission to provide affordable, quality, and safe food to Kenya’s urban consumers, and reliable markets for farmers across the country,” he said.

While small farmers really find it hard to get their products sold in cities due to the various barriers in connections with retailers in cities, Twiga-Foods is solving this problem as well as adding value to their products.

Nikunj Jinsi, the head of IFC’s venture capital says connection and access to retailer markets is an important thing for small farmers

“Access to markets is a key concern for smallholder farmers across Africa, many of whom live in remote areas. IFC’s investment in Twiga supports our thesis that digital solutions in emerging markets address real-time challenges and create more transparency. Twiga is helping to create a more efficient supply chain that connects farmers directly to markets, which also increases their incomes,” he said.

Know that Twiga-Foods now works with over 13,000 farmers and more than 6,000 vendors in Kenya. We hope that it will be able to expand to other parts of the continent because this is a major problem to a large number of farmers in the region.

It started connecting banana farmers with retailers and now it has come to help other farmers with other vegetables such as cabbage, tomatoes, potatoes, mangos. With this new funds secured were hopeful that it will connect more farmers to retailers and really be “the future of African retail”.

 

Read: Agritech startup from Ghana raises US$300.000 funds.

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