Kenya tech startup Twiga Foods receives US$30 mln

Twiga foods started in 2014 by co-founders Njonjo and Grant Brooke who have overseen the astronomical rise of the brand. The Nairobi-based company has plans of expanding into other cities throughout Kenya such as Mombasa.

The company is among the leading Kenyan fresh fruit and vegetable tech-driven distribution companies. The venture-backed agri-tech startup is working hard to organize informal retail across the country through the adoption of technology. Sealing a Ksh 3.2 billion loan (US$30 million) from the  International Finance Corporation (IFC) alongside other Kenyan banks is proof of the strong confidence of financial lenders in their long-term business prospects.

Of the amount IFC will contribute is Ksh 1.6 billion (US$15M) while the rest will be channeled through unfunded Risk Sharing Facilities (RSFs) which will be scaled in phases. KCB Bank Kenya Limited will implement the first phase.

According to techinafrica.com, IFC has also committed to providing technical and organizational support services that cover the technical and organizational support for agronomists and farm managers.


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