Centered on revolutionizing retail in Africa, Twiga, a Kenya-based B2B e-commerce platform right this moment introduced the launch of its new subsidiary, Twiga Contemporary.
Twiga, based in 2014, was constructed on the aim to simplify the availability chain between recent meals producers, FMCG producers and retailers by a B2B e-commerce platform. The startup has to date achieved an amazing feat, lowering the availability chain which often contains a number of intermediaries and considerably lowering the price of meals for shoppers.
With 700 staff, Twiga affirms to have reached a stage the place it delivers to 10,000 distributors every day, has 100,000 registered clients, 100 suppliers, 8,000 farmers, 500 brokers and has constructed 400 merchandise working throughout 12 cities in East and West Africa, the place it plans to discover new markets.
Its new Twiga Contemporary platform, because the identify implies, will comprise farming and distribution of Twiga-owned agricultural produce to merchants, all the time recent with completely no stale product.
The corporate has now included the manufacturing of horticultural merchandise equivalent to onions, tomatoes and watermelons and asserts an estimated output of 150,000 tons of recent produce yearly. To this point, the corporate has invested $10 million in its new course, to incorporate debt funding from growth finance establishments. Twiga ascertains that its farm is without doubt one of the largest business recent produce institutions focusing on the home market since most large-scale horticultural companies within the East African nation export their harvests.
The B2B platform’s focus will nonetheless embody sourcing produce like bananas, which has a longtime and environment friendly worth chain, from associate farmers.
In November final yr, the corporate raised $50 million in Collection C funding led by Creadev, a French funding firm and included Juven, TLcom Capital, IFC Ventures and DOB Fairness, OP Finnfund International Affect Fund I and Endeavor Catalyst Fund.
The startup additionally raised $10.3 million in Collection A funding in 2017, $10 million in November 2018, $34.75 million in two rounds in 2019, and $29.4 million in debt funding from the Worldwide Finance Company (IFC) in 2020.