IFC Invests US$10 Million in Twiga Foods with TLcom Capital, Partially Exits Hamkorbank to responsAbility Investments (Africa, CEE and CIS)
Posted On: 15 Nov 2018 | Source(s): Twiga Foods, responsAbility Investments
International Finance Corporation (IFC) and venture capital firm TLcom Capital have led an investment of US$10 million in Twiga Foods, a Kenya-based agribusiness technology company. Other participants in the funding round include existing investors Wamda Capital, DOB Equity, 1776 and AHL Venture Partners. The company, which connects smallholder farmers to urban vendors through mobile phone technology, will use the new funds to expand operations and offer additional services. Separately, IFC has exited a 7.66 percent stake, representing approximately half of its shares, in Uzbekistan-based bank Hamkorbank to responsAbility Investments, an impact investment fund manager. Additional financial details of the transaction were not disclosed.