The Kenya-based agri-tech startup Twiga Foods has bagged $5 million secondary investment from what is said to be the richest family in France, the Mulliez family. The fund will go towards growing the startup’s operations
Twiga Foods founded back in 2014, is a B2B food distribution company anchored on a fair priced and reliable supply of agricultural produce to retailers in a transparent, efficient, and tech-savvy manner.
With the secondary transaction, the earlier investors in Twiga Foods including Blue Haven Ventures, Adolf H. Lundin Charitable Foundation, Crescat Limited, Omidyar Network, and Index Ventures among others had to partially sell their stake in the company. A move necessitated by the need to create more room for future investment.
“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,” said Peter Njonjo, the CEO of Twiga Foods.
Head of Creadev Africa, Sarah Ngamau and Pierre Fauvet, were quick to show their enthusiasm with their new long-term engagement with Twiga Foods.
“We are impressed by Twiga’ fast growth, driven by an experienced and result-oriented management team. We believe the appointment of Mr Njonjo as CEO is another proof of Twiga’s ambitions and willingness to grow to the next level,” said Ngamau and Fauvet.
“We will leverage on Creadev’s international retail network and future funding capacity to support the team in executing this ambitious expansion plan and continue delivering their strong value proposition to small-holder farmers, informal retailers, and end customers.”