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Kenyan fresh produce startup Twiga acquires funding for ambitious growth plans

Kenyan company Twiga Foods is aiming for a $1 billion valuation within five years. Chief Executive Officer and Co-founder Peter Njonjo reported that the fresh produce distributor uses technology to help modernize informal retail across Africa.

The company sees the many opportunities within the next five years. “Achieving our long term strategic plan will definitely make us a unicorn,” Njonjo said.

Twiga on Monday said it closed $50 million series C equity funding from a consortium led by Creadev SASV. That takes the amount of money Twiga has raised since its inception to $110 million. Twiga will use the funds to produce its own fresh products using “precision agriculture and satellite imagery” to improve crop yields, according to Njonjo. The company plans to start selling fruits and vegetables from February 2022 across East Africa as it builds an extensive and low-cost distribution network.

Source: bnnbloomberg.ca


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