Creadev, a global long-term investment firm wholly funded by the Mulliez family, has announced a secondary investment of USD 5 million in Twiga Foods. As part of this secondary transaction, early investors, Adolf H. Lundin Charitable Foundation, Blue Haven Ventures, Crescat Limited, Omidyar Networks, Index Ventures through Project Hand Purpose Trust, and Uqalo, have partially sold their stake as part of a strategy to accommodate later stage and longer-term investors.
Founded in 2014, Twiga Foods leverages on its technology to aggregate the requirements of the informal retailers through its m-commerce platform a to efficiently source produce directly from farmers and food manufacturers. By doing so, Twiga has created a more transparent and efficient supply chain, delivering the product directly to the retailers and reducing post-harvest losses on fresh produce. Farmers have an easier and more predictable access to market, enabling them to increase their revenues. Retailers on the other hand use the m-Commerce platform to easily order high-quality food products which are delivered directly at their shops while end-customers get access to higher quality and safer food at cheaper prices.
“Having Creadev join our shareholding is a huge boost to our mission to deliver safe, affordable high-quality food to urban consumers, while providing reliable markets for farmers,” said Peter Njonjo, CEO, Twiga Foods adding that this will support the company’s efforts towards growing its ecosystem of farmers and retailers. Twiga currently works with 17,000 farmers, and 2,500 retailers daily. It is looking forward to expanding its operations within and outside Kenya.
In a statement announcing the investment, Sarah Ngamau and Pierre Fauvet, who head Creadev’s activities in Africa, said: “We are proud to enter into this long-term partnership with Twiga as they answer a massive market need: the structuration and formalization of the food logistics supply chain. We are impressed by Twiga’s fast growth, driven by an experienced and result-oriented management team.”