Twiga Foods has secured a fresh round of funding of an undisclosed amount in a move meant to enable it pay its suppliers and also fund its transformation and growth plans.
Twiga announced bagging the fresh funding a few weeks after the company was slapped with a Sh40 million debt collection litigation from cloud services vendor, Incentro Africa.
The agri-tech firm secured the fresh funding from Creadev, Juven, DOB Equity and TLcom Capital Partners, the investors who took part in the 2021 round that netted $50 million.
Twiga Chairman Hein Pretorius says the firm has in the past year significantly invested in technology and automation in a bid to reposition and fine-tune its operating processes.
According to Pretorius, the significant measures taken by the company were meant to pave way for further resource mobilization to ensure the long-term resilience of the business.
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“Looking ahead, Twiga will continue to progress its mission to digitize the informal retail economy and revolutionise food supply chains in Africa,” said Pretorius.
Twiga CEO and Co-Founder Peter Njonjo said the funding round was the climax of a shift in the firm’s strategy that boosted its cost efficiency and service delivery to its customers.
“I would like to thank all our current employees, and those employees who have departed the company following our organisational review, for their service and contributions to enabling Twiga’s success,” said Njonjo.
Recent senior Twiga appointments
• Laurent Gouault - Chief Operating Officer (joined from Quickmart).
• Zuber Momoniat - Chief Financial Officer (joined from PZ Cussons).
• Anjan Dasgupta - Chief Transformation Officer (joined from Yousef Abdul Latif Jameel Group).
• Paul Bombo - Chief Technology Officer.
• Susan Kiama - Chief People Officer.
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