Kenya’s Twiga raises Ksh.5.6 billion as it seeks to expand across Africa
Kenya’s e-commerce food distribution platform Twiga has announced a Ksh.5.6 billion ($50 million) Series C round to scale its efforts across the country and other neighbouring countries.
Twiga claims to have over 100,000 registered customers and delivers to 10,000 clients daily. It also boasts of 700 employees and has a network of over 8,000 farmers.
According to TechCrunch, part of the funding will be used to roll out low-cost manufactured food and non-food products under its brand before the end of the year.
“…Two years on, the company, which now has more than 1,000 employees, is ready to make those moves and is expanding to other East African markets, Uganda and Tanzania, before the end of the year,” said TechCrunch.
“We’ve been fairly successful in Kenya. So, we want to consolidate our dominant position, clear out our proof of concept and expand to the neighbouring countries,” remarked Njonjo to the American website that focuses on high tech and startup companies.
TechCrunch writes that this funding comes after the company’s Ksh.3.3 billion ($30 million) Series B round - Ksh.2.6 billion ($23.75 million) equity and Ksh.695 million ($6.25 million) debt — in 2019.
Per Crunchbase, Twiga has raised over $100 million in both debt and equity financing rounds.