Kenyan mobile-based supply platform Twiga Foods is set to secure a $3 million funding from the International Finance Corporation (IFC), as it seeks to raise more than $7 million from multiple investors.
The business-to-business (B2B) food distribution company had last year raised $10.3 million Series A funding round as it continues to excite investors who see the potential of tech-driven ventures such as Twiga.
“IFC, acting for its own account … is considering to invest a minimum of $ 3 million alongside other investors, including TLCom who will invest up to $ 4 million in the company,” a statement by IFC said.
With plans such as credit services (following a partnership with IBM on a blockchain-enabled supply lending platform) in the works, the IFC funding could not have come at a better time. Twiga also plans to expand its infrastructure to keep up with the growing demand.
Founded in 2014 by an American Grant Brooke, Twiga uses technology to collapse the agricultural value chain. The company is building a commodities market to connect farmers with retailers of their produce. Retailers can order on Twiga, then the company picks up produce from farmers and delivers directly to them each morning. Just four years after the company was founded, it has started taking more than 6,000 orders a week and has sold more than 200 million bananas.