NAIROBI, Kenya, June 12 – Twiga Foods, a Kenya-based technology firm has offloaded a KSh500 million (US$5 million) stake to Creadev, a global long-term investment French firm.
Twiga Foods has pioneered a platform that aggregates retail demand and efficiently provides low cost access to better quality food.
As part of this secondary transaction, early investors, Adolf H. Lundin Charitable Foundation, Blue Haven Ventures, Crescat Limited, Omidyar Networks, Index Ventures through Project Hand Purpose Trust, and Uqalo, have partially sold their stake as part of a strategy to accommodate later stage and longer-term investors.
Founded in 2014, Twiga Foods leverages on its technology to aggregate the requirements of the informal retailers through its m-commerce platform and leveraging this to efficiently source produce directly from farmers and food manufacturers.
Twiga has created a more transparent and efficient supply chain, delivering the product directly to the retailers and reducing post-harvest losses on fresh produce. Farmers have an easier and more predictable access to market, enabling them to increase their revenues; while retailers use the m-Commerce platform to easily order high-quality food products which are delivered directly at their shops while end-customers get access to higher quality and safer food at cheaper prices.
The CEO of Twiga Foods, Peter Njonjo said: “Having Creadev join our shareholding is a huge boost to our mission to deliver safe, affordable high-quality food to urban consumers, while providing reliable markets for farmers. It will support our efforts towards growing our ecosystem of farmers and retailers.”
Twiga currently works with 17,000 farmers, and 2,500 retailers daily and is looking to further expand its operations within and outside Kenya.
Peter Njonjo, a co-founder in Twiga, recently joined as CEO, a move that was well received by the investor community as the company sought to strengthen its management team. Peter, a Kenyan was until recently President of Coca-Cola’s West and Central Africa business, where he had an illustrious 21 year career.
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