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Kenyan mobile-based B2B distribution platform Twiga Foods is set to secure up to $7-million from the World Bank Group’s International Finance Corporation (IFC) and venture capital firm TLCom Capital Partners.
Kenyan newspaper Business Daily yesterday (1 July) reported that the IFC is set to invest $3-million, while TLCom will invest up to $4-million.
Twiga Foods’ platform connects vendors with producers of bananas, tomatoes, onions and potatoes.
Twiga Foods B2B distribution platform connects farmers with urban retailers and vendors
In a summary of investment information posted last month on IFC’s website, the corporation disclosed that “in its capacity as implementing entity of the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP)”.
The IFC added at the time that it is considering investing “a minimum of $3-million” alongside other investors including TLCom who will invest up to US$-4 million in the company.
The same statement further discloses that the startup is currently in discussions with members of the IFC’s Global Food Safety Advisory programme over a GAFSP-funded project which will see the startup design a Twiga Good Agricultural Practices Brand.
The initiative, which will be piloted with 30 banana farmers, “will enable the farmers that Twiga Foods works with to increase farming yields through improved agricultural practices, which will lead to positive demonstration effects for other domestic players as well”.
The startup last year was one of six African startups to take part in the fourth class of Google’s Launchpad accelerator. The company last year raised $10.3-million in a round led by Wamda Capital and Omidyar Network, which was announced in July last year.
Ventureburn sought comment today from Twiga Foods, TLCom and the IFC, but no response was forthcoming at the time of publication.
Featured image: go_see via Pixabay