Twiga Foods Funding, Investors & Competitors

Twiga Foods has raised $107M across 8 funding rounds, most recently a $50M Series C in November 2021.

Last Twiga Foods funding round

$50M

Series C · Nov 2021

Cumulative funding Twiga Foods raised

$107M

across 8 funding rounds

Key investors in Twiga Foods

  • 1776 Ventures
  • DOB Equity
  • TLcom Capital Partners
  • Wamda Capital
  • Creadev
  • International Finance Corporation
  • IFC Venture Capital Group
  • Bossa Invest

Twiga Foods Overview

About Twiga Foods

Twiga Foods is a Kenyan agri-tech and B2B e-commerce food distribution platform, founded in 2014, that uses technology to build supply chains and streamline logistics across East Africa. It initially connected smallholder farmers with informal retailers through a mobile app to aggregate demand for produce such as bananas, onions, tomatoes, potatoes, mangoes, and cabbages, before expanding in 2019 to connect manufacturers and fast-moving consumer goods companies with retailers. Twiga has also explored alternative food production methods and low-cost manufactured food and non-food products under its own brand.


Founded

2013

HQ

KenyaKenya

Website

twiga.com

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Twiga Foods Funding History

Twiga Foods has raised a total of $107M across 8 funding rounds.

Twiga Foods' first fundraising round was a $1M seed round in February 2016. The most recent completed round was a $50M Series C in November 2021.

Twiga Foods funding rounds

Twiga Foods funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2021Series CCreadev (lead); TLcom Capital Partners; DOB Equity; Juven; OP Finnfund Global Impact Fund I; Endeavor Catalyst; IFC Venture Capital Group; Finnfund; Bossa Invest$50MTwiga Foods is a Kenyan agri-tech and B2B e-commerce food distribution platform founded in 2014 that uses technology to build supply chains and streamline logistics across East Africa. The company initially connected smallholder farmers with informal retailers through a mobile app to aggregate demand for agricultural products like bananas, onions, tomatoes, potatoes, mangoes, and cabbages. In 2019, Twiga expanded its business model to connect manufacturers and fast-moving consumer goods companies with retailers, diversifying beyond traditional farm produce distribution. In November 2021, Twiga closed a $50 million Series C funding round led by Paris- and Nairobi-based private equity firm Creadev, with participation from Africa-focused investors including TLcom Capital, IFC Ventures (listed as IFC InfraVentures in some sources), DOB Equity, and Goldman Sachs spinoff Juven, along with first-time investors OP Finnfund Global and Endeavor Catalyst Fund. The round also included a $30 million secondary sale that provided liquidity to earlier investors, representing a consolidation of Twiga's cap table. The funding was designated for testing a proof-of-concept initiative to develop alternative food production methods on the continent, with the goal of reducing consumer prices for plant-based food products by over 30%, and for launching low-cost manufactured food and non-food products under Twiga's own brand. Between April 2021 and August 2021, prior to the Series C close, Twiga reportedly quadrupled its revenues, demonstrating significant traction during the pandemic period despite delayed pan-African expansion plans.
Oct 2019Series BGoldman Sachs (lead); 1776 Ventures; TLcom Capital Partners; Creadev; Wamda Capital; IFC Venture Capital Group$24MTwiga Foods, a Kenya-based agribusiness technology company, raised $23.75 million in a Series B equity round on October 28, 2019, led by Goldman Sachs, with participation from existing investors including Wamda Capital, TLcom Capital Partners, Creadev, and IFC. The company separately secured $6.25 million in convertible debt from Alpha Mundi and the Overseas Private Investment Corporation, bringing total financing to approximately $30 million. Investors also included 1776 Ventures among prior backers. Twiga Foods operates a mobile B2B platform connecting over 17,000 rural Kenyan farmers and food manufacturers directly to urban informal retailers, handling delivery of fresh produce like bananas, potatoes, onions, tomatoes, and watermelons, while expanding into FMCG products such as rice, maize flour, cooking oil, milk, juice, sugar, and snacks. The platform delivers to 8,000 retailers three times per week in Nairobi, reducing post-harvest losses from 30% to 4% for networked produce. Proceeds from the round were allocated to establish a distribution center in Nairobi, expand operations to additional Kenyan cities like Mombasa, deepen supply chain services for agricultural and FMCG products, and advance technology development. The company eyed Pan-African growth, targeting French West Africa by Q3 2020. This marked Nairobi's largest known VC round of 2019 and brought Twiga's total funding to around $67 million in equity plus debt. Twiga Foods, founded in 2014 by CEO Peter Njonjo and co-founder Grant Brooke, had previously raised $10 million 11 months earlier and $5 million from Creadev in June 2019. The round highlighted growing global interest in African agrifood tech, with Goldman Sachs backing Twiga's model for re-engineering food supply chains through technology and logistics.
Jun 2019Series ACreadev (lead)$5MTwiga Foods, a Nairobi-based mobile B2B distribution platform, secured a $5 million investment from French investor Creadev in June 2019. The investment brought the company's total disclosed venture capital to $35 million. Creadev, backed by the Mulliez family, marked this as its first investment in Africa and committed to supporting Twiga's expansion with its international retail network and future funding. Early investors including the Adolf H. Lundin Charitable Foundation, Blue Haven Ventures, Crescat Limited, Omidyar Networks, Index Ventures through Project Hand Purpose Trust, and Uqalo partially sold their stakes to accommodate later-stage investors like Creadev. The funds aimed to grow Twiga's ecosystem of farmers and informal retailers, leveraging its m-commerce platform to aggregate retailer needs and source produce directly from farmers and manufacturers. CEO Peter Njonjo highlighted the investment's role in delivering safe, affordable food to urban consumers and reliable markets for farmers.
Nov 2018Series BInternational Finance Corporation (lead); TLcom Capital Partners (lead); 1776 Ventures; DOB Equity; Wamda Capital; Adolph H.Lundin$10MTwiga Foods is a Kenya-based B2B platform connecting smallholder farmers to informal retail vendors using mobile technology for ordering fresh produce like bananas, tomatoes, cabbage, mango, potato, and onions. Launched in 2014, it operates collection centers and a fleet for distribution, reducing post-harvest losses from 30% to 4% and paying farmers within 24 hours. By November 2018, it worked with over 13,000 farmers and 6,000 vendors, serving around 2,000 outlets daily via M-Pesa payments. In November 2018, Twiga Foods raised $10 million in a funding round co-led by the International Finance Corporation (IFC) and TLcom Capital Partners, with participation from previous investors including 1776 Ventures, Adolph H. Lundin, DOB Equity, and Wamda Capital. The investment, structured as convertible notes, will expand operations, improve service delivery, add processed foods and fast-moving consumer goods, and explore financial services like a blockchain-enabled working capital platform partnered with IBM. Wale Ayeni from IFC and Maurizio Caio from TLcom joined the board. This follows a $10.3 million Series A in 2017 led by Wamda Capital. Twiga generates revenue from product margins, such as buying bananas at 19 Kenyan shillings per kilo and selling at 34 shillings, with profitability described as on the horizon.
Jul 2018Series BInternational Finance Corporation (lead); TLcom Capital Partners (lead)$7MTwiga Foods is a Kenya-based B2B mobile commerce platform launched in 2014 that connects smallholder farmers to informal retail vendors in urban areas. The company operates a digital network that enables vendors to order fresh produce directly from farmers, coordinating pricing, payment, quality control and logistics while reducing post-harvest losses from the typical 30% down to 4%. Twiga works with thousands of farmers and vendors across Kenya, selling multiple produce types including bananas, tomatoes, cabbage, mango and onion. The company generates revenue through margins on products it buys and sells, and generates payments within 24 hours to farmers who sign up on its platform. Multiple funding rounds occurred during 2017-2018 from investors including the International Finance Corporation, TLcom Capital Partners, Wamda Capital, DOB Equity, 1776, Adolph H. Lundin and Omidyar Network. These investments supported expansion of operations, new product offerings, and infrastructure including transport and storage equipment. According to surveys, 67% of vendors reported their quality of life improved significantly through using Twiga, citing increased sales and profits, improved produce quality, time savings and reduced stress.
Jul 2017Series AWamda Capital (lead); AHL Venture Partners; 1776 Ventures; DOB Equity; Blue Haven Initiative; Alphamundi; Omidyar Network; Uqalo$10MTwiga Foods is a Kenyan business-to-business food supply platform founded in 2014 that uses technology to connect urban retailers with farmers, delivering fresh produce like bananas, pineapples, and tomatoes directly to vendors' doorsteps. It aggregates purchasing power to provide better prices and quality while minimizing post-harvest losses for farmers. By July 2017, Twiga had become Kenya's largest distributor of several basic food staples, having sold over 55 million bananas and delivering more than 4,000 orders per week. In July 2017, Twiga Foods raised a Series A funding round of $10.3 million, comprising $6.3 million in equity and $4 million in debt, led by Wamda Capital with participation from Omidyar Network, DOB Equity, Uqalo, 1776 Ventures, Blue Haven Initiative, Alpha Mundi, and AHL Venture Partners. The funds aimed to expand vendor services in Nairobi, diversify the product portfolio, and introduce advanced supplier services. Additionally, Twiga secured $2 million in grant funding from USAID, GSMA, and others for farmer services, financial inclusion, and food safety initiatives.
Aug 2016Undisclosed stageDOB Equity (lead)-DOB Equity acquired a minority shareholding in Twiga Foods, the Kenyan business-to-business food wholesaler that supplies fruit and vegetables to informal retailers in Nairobi. Twiga buys produce directly from farmers, takes orders from vendors by mobile phone and delivers to their stalls, cutting out several layers of traditional market intermediaries. The proceeds were earmarked for supply capacity, with a target of reaching roughly 7,350 vendors in Nairobi. Terms were not disclosed.
Feb 2016Seed1776 Ventures$1M-

Who has invested in Twiga Foods?

19 investors have backed Twiga Foods across its funding rounds, including 1776 Ventures, DOB Equity, TLcom Capital Partners, Wamda Capital, Creadev and International Finance Corporation.

Lead investors include Creadev, Goldman Sachs, International Finance Corporation, TLcom Capital Partners, Wamda Capital and 1 other investor.


Twiga Foods Investors

Investors in Twiga Foods by funding rounds participated
InvestorHQRoundsRoleFirst check
1776 VenturesUnited StatesUnited States4ParticipantFeb 2016
TLcom Capital PartnersUnited KingdomLondon4LeadJul 2018
DOB EquityNetherlandsZwolle4LeadAug 2016
CreadevFranceParis3LeadJun 2019
Wamda CapitalUAEDubai3LeadJul 2017
International Finance CorporationUnited StatesWashington, DC2LeadJul 2018
IFC Venture Capital GroupUnited StatesUnited States2ParticipantOct 2019
AHL Venture PartnersKenyaNairobi1ParticipantJul 2017
JuvenHong KongHong Kong1ParticipantNov 2021
OP Finnfund Global Impact Fund IFinlandHelsinki1ParticipantNov 2021
Blue Haven InitiativeUnited StatesUnited States1ParticipantJul 2017
Goldman SachsUnited StatesNew York City, NY1LeadOct 2019
Endeavor CatalystUnited StatesNew York City, NY1ParticipantNov 2021

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Acquisitions by Twiga Foods

Twiga Foods has acquired 3 companies to date.

Last acquisition by Twiga Foods was on April 1st 2025. Twiga Foods acquired Sojpar for undisclosed valuation.


Latest Acquisitions by Twiga Foods

Sojpar
Jumra
Raisons Distributors
Description
Sojpar is a fast-moving consumer goods distributor operating in East Africa, with a focus on Kenya's informal retail channels. The company supplies beverages, snacks, and household products to over 50,000 outlets including mini-marts, kiosks, dukas, and mama mboga greengrocers. Sojpar optimizes route-to-market logistics through GPS-tracked vans and data analytics for demand forecasting. Partnerships with brands like Coca-Cola and Unilever enable efficient last-mile delivery in Nairobi, Mombasa, and rural areas.
Jumra is a fast-moving consumer goods distributor in Kenya. Nairobi-based, it manages supply chains for food, beverages, and household products to retailers in East Africa. Jumra operates warehouses in major cities and uses route optimization software for last-mile delivery to kiosks and supermarkets.
Raisons Distributors is a Mombasa-headquartered FMCG distributor serving coastal Kenya. The company handles fast-moving consumer goods like beverages, snacks, personal care, and household products from brands such as Coca-Cola, Unilever, and Britvic. With a fleet of delivery trucks, it supplies retailers, hotels, and supermarkets across Mombasa, Kilifi, and Kwale counties, emphasizing reliable logistics and credit terms.
HQ CountryKenyaGhanaKenya
HQ City
Kisumu
Kumasi
Mombasa
Deal Date1 Apr 20251 Apr 20251 Apr 2025
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Twiga Foods Competitors

Twiga Foods competitors include listed companies like Copart and RB Global, and private ones like Faire, OfBusiness, Zetwerk and Inxeption.

Public and private companies comparable to Twiga Foods
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CopartUnited StatesUnited StatesPublicly listed$4.6B$1.9B$27B4.9x
RB GlobalUnited StatesUnited StatesPublicly listed$4.6B$1.4B$16B4.1x
FaireUnited StatesSan Francisco, CAPrivate$500M-$5.2B10.4x
OfBusinessIndiaGurgaonPrivate$2.1B-$4B1.9x
ZetwerkIndiaBangalorePrivate$102M$20M$3.1B-
InxeptionUnited StatesUnited StatesPrivate$300M-$3B10.0x

Twiga Foods Public Comps

Twiga Foods is still privately-owned, but its public comps include Recruit Holdings, Uber, Booking Holdings, Airbnb, Prosus, DoorDash, Carvana, Meituan, Rocket Companies and Expedia.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Recruit Holdings$24B$4B6.4x6.0x37.9x25.2x
Uber$52B$6.2B3.0x2.8x24.9x14.6x
Booking Holdings$27B$8.3B4.9x4.6x15.9x12.4x
Airbnb$12B$2.4B7.2x6.5x36.3x18.2x
Prosus$9.7B$1.1B9.1x8.0x83.8x123.7x
DoorDash$14B$1.5B6.0x4.9x55.8x23.7x
Carvana$20B($110M)3.7x2.9x(691.4x)27.7x
Meituan$54B($2.2B)0.9x0.8x(21.4x)162.4x

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Common questions about Twiga Foods

When was Twiga Foods founded?Twiga Foods was founded in 2013.
Where is Twiga Foods headquartered?Twiga Foods is headquartered in Kenya.
Is Twiga Foods publicly listed?No, Twiga Foods is a private, VC-backed company.
How much funding has Twiga Foods raised?Twiga Foods has raised $107M across 8 funding rounds.
What was Twiga Foods' last funding round?Twiga Foods' last funding round was a $50M Series C in November 2021, led by Creadev.
Who are Twiga Foods' investors?Twiga Foods' investors include 1776 Ventures, TLcom Capital Partners, DOB Equity, Creadev, Wamda Capital, International Finance Corporation, IFC Venture Capital Group, AHL Venture Partners, Juven, OP Finnfund Global Impact Fund I and 9 others.
Which companies are comparable to Twiga Foods?Companies comparable to Twiga Foods include Copart, RB Global, Faire, OfBusiness, Zetwerk and Inxeption.
How many companies has Twiga Foods acquired?Twiga Foods has acquired 3 companies, including Sojpar, Jumra and Raisons Distributors.

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