U.S.-Based IFC Leads $10M Series B For Kenyan Mobile Produce Platform
14 December 2018
Kenyan mobile produce platform Twiga Foods has raised a $10 million Series B investment led by U.S.-based International Finance Corporation (IFC).
The m-commerce startup (electronic commerce conducted on mobile phones) secured the investment from the International Finance Corporation, TLcom Capital and the the Global Agriculture and Food Security Program (GAFSP), with participation from previous investors Wamda Capital, DOB Equity, 1776 and Swedish oil and mining entrepreneur Adolph H Lundin, according to a press release.
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The startup plans to use the $10 million in funding to expand operations and offer new services that will empower farmers and food vendors. The company has worked with over 13,000 farmers and 6,000 vendors in Kenya over the last four years.
Twiga Foods makes use of mobile phone tech to connect stakeholders on either side of the produce supply and demand, aggregating market participants and finding buyers for farmers’ produce. The company’s web platform also makes it possible for vendors in cities to order fresh produce from smallholder farmers across Kenya’s rural areas.
Since its establishment in 2014, the Kenyan mobile produce platform has raised a total of $30.4 million in funding through eight rounds, according to Crunchbase.
This includes a $10.3 million Series A funding round that was realized in 2017, including $6.3 million in equity and $4 million in debt instruments, according to BiznisAfrica.
Lead investor in the current round, the International Finance Corporation, is a Washington D.C.-based global development institution and member of the World Bank Group focused exclusively on the private sector in developing countries.