Twiga Foods’ co-founder Grant Brooke steps down from management

KENYA – Grant Brooke, the co-founder and former CEO of Kenya-based B2B food distribution company, Twiga Foods, has announced that he is stepping down from active management, though he will remain on the company’s Board of Directors. Brooke said in a statement that he’s completely letting go of the reins at Twiga Foods having overseen a smooth transition since handing over the office of CEO to co-founder, Peter Njonjo, early 2019. In March 2019, Brooke stepped down from running the day-to-day activities at Twiga, taking up an Executive Director role…

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US bank Goldman Sachs acquires stake in Twiga Foods following a US$23m deal

KENYA – Goldman Sachs, American multinational investment bank has acquired stake in Kenyan-based technology food distribution platform Twiga Foods, following a Sh2.44 billion (US$23.75 million) deal aimed to widen its footprint in Kenya and Africa. Marking Goldman Sachs’ first major deal in Kenya, it will provide funding to the start-up together with three other Twiga Foods existing investors i.e. International Finance Corporation (IFC), venture capital firm, TLCom Capital, and French private equity fund Creadev. “Goldman Sachs is getting a stake and it will be the lead institutional investor in Twiga.…

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French investor Creadev acquires stake in Twiga Foods worth US$5M

KENYA – Creadev, a French-based investor, has acquired an undisclosed stake worth US$5 million (Sh500 million) at Kenya’s leading online grocery platform, Twiga Foods. Creadev is a global long-term investment firm wholly funded by the Mulliez family. According to a statement announcing the investment, the Gerard Mulliez’s family stake in Twiga Foods will be held under the family’s investment firm, Creadev. “Creadev… has announced a secondary investment of USD 5 million in Twiga Foods, a Kenyan-based technology based B2B platform that aggregates retail demand and efficiently provides low cost access…

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Twiga Foods partners with IFC to boost food safety in Kenya

KENYA – Twiga Foods, a Kenyan-based technology food distribution platform, has partnered with International Finance Corporation (IFC), World Bank’s private sector lending arm, in an initiative that seeks to boost food safety in Kenya. The companies have signed an agreement to collaborate in enhancing food safety practices in line with global standards and ensure traceability of produce from the farm to consumers. The agreement adds to a $10 million investment in Twiga Foods, made in November 2018, led by IFC, the Global Agriculture and Food Security Program (GAFSP) and TLcom-…

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Twiga Foods taps Coca-Cola’s regional head as new CEO

KENYA – Kenya’s leading online grocery platform, Twiga Foods has appointed Peter Njonjo, co-founder and former President of Coca-Cola West and Central Africa as new company Chief Executive Officer. Peter Njonjo has left the position in the multinational soft drink manufacturer after 21 years of service and is now set to head the Kenyan start-up fresh produce and fast-moving-consumer goods distributor, of which he is also a key shareholder. Having worked in 33 countries in Africa, overseeing Coca-Cola’s sophisticated distribution systems, he is expected to restructure Twiga Food’s business especially…

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Twiga Foods raises US$10.3m financing from IFC and TLcom for expansion

KENYA – Twiga Foods, a Kenyan based online food-market platform has raised US$10.3 million financing co-led by World Bank’s private investment arm International Finance Corporation (IFC) and Pan-African venture capital firm, TLcom Capital. The capital is meant to help the company expand operations and offer new services to small holder farmers. Others that participated in the round of capital included previous investors Wamda Capital, DOB Equity, 1776 and Adolph H. Lundin. As part of the deal, Wale Ayeni, who leads IFCs’ venture capital activities in Africa, and Maurizio Caio, managing…

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Kenyan grocery retailer Twiga Foods secures US$3m IFC funding

KENYA – Twiga Foods Ltd, one of Africa’s largest grocers to watch is set to receive US$3 million from the International Finance Corporation (IFC) in a series of funding aimed at raising about US$7 million from investors, reported Business Daily. Twiga Foods is a mobile-based supply platform for Africa’s retail outlets, kiosks, and market stalls, including food delivery. Through its mobile cashless platform, a mobile-based supply platform for Africa’s retail outlets, kiosks, and market stalls. It boasts of low-cost, better quality products and more efficient supply chains through elimination of…

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