Goldman Sachs Leads USD23.75 Million Series B for Twiga Foods

Source(s): Wamda, TechCrunch| Author(s): Jake Bright

Kenya-based agribusiness technology company Twiga Foods has raised USD23.75 million in a Series B funding round led by global asset manager Goldman Sachs. Additional participants in the round include Twiga’s existing investors, such as venture capital firms Wamda Capital and TLcom Capital, evergreen investment company Creadev, and International Finance Corporation. The company has separately raised USD6.25 million in convertible debt from impact investing firm Alpha Mundi and the Overseas Private Investment Corporation. Twiga, which connects smallholder farmers to retailers through its mobile platform and orchestrates product delivery, plans to use the combined USD30 million in financing to set up a distribution center in Nairobi, expand operations in Kenya, and continue to develop its technology.