Kenyan-based food distribution company Twiga Foods has decided to suspend plans to expand into the West African region, chief executive Peter Njonjo has said, as the startup shifts its focus to markets within East Africa for now.
Twiga operates a business-to-business marketplace platform that sources produce directly from farmers and delivers it to retail outlets, kiosks, and market stalls. The mobile-based and cashless supply platform quickens delivery and distribution to the millions of small and medium-sized vendors in urban markets while helping farmers reduce post-harvest losses on fresh produce.
It has secured more than $67 million in debt and equity funding since launching, the latest of which was a $30 million Series B raise from lenders and investors led by American banking giant Goldman Sachs and the International Finance Corporation last October.
The Nairobi-based firm had planned to invest the funds in expanding into more cities in Kenya while aiming at a pan-African expansion by the third quarter of this year. But those plans are “impractical for the moment” due to travel restrictions and quarantine requirements in the wake of the coronavirus pandemic, Njonjo told The Africa Report.
Any foreign expansion, for now, will focus on countries bordering Kenya, the CEO Click here to read entire article
Source:: Ventures Africa