French Family Office Invests $5 Million In Twiga Foods by Forbes – Entrepreneurs

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Janeffer Wacheke, co-owner of a fresh-vegetable stall, checks her mobile phone for a purchase order of vegetables and fruits made to Twiga Foods Ltd., while on her stall in Nairobi, Kenya, on June 11, 2018. Wacheke’s fresh-vegetable stall in Nairobi uses technology that’s helping crack a problem Kenyan banks have so far failed to solve — measuring the creditworthiness of traders in the country’s $20 billion informal economy. Photographer: Luis Tato/Bloomberg

© 2018 Bloomberg Finance LP

Creadev, a French investment firm wholly backed by the Mulliez family, has invested $5 million into Twiga Foods, a Kenyan mobile-based business-to-business food supply platform, to enable the firm upscale its support to small- scale farmers in the country.

Twiga Foods, which was founded by Grant Brooke in 2014, links smallholder farmers in rural Kenya to informal retail vendors in cities. With Twiga’s mobile platform, vendors can order fresh produce from farmers across Kenya at the most competitive prices. Twiga currently works with more than 13,000 farmers and 6,000 vendors in Kenya. Twiga operates collection centers across Kenya, as well as a central pack house with cold storage facilities. The company also owns a large fleet of mobilized trucks and vans for swift collection and distribution of produce, thereby creating an efficient logistics system that limits Twiga’s post-harvest losses to 5 percent, as compared to 30% at informal markets, where many Kenyan farmers usually sell their produce. Farmers who sign up with Twiga receive payment within 24 hours.

Twiga is one of the best-funded in Africa, and has secured more than $28 million in funding over the last two years from investors that have included World Bank’s International Finance Corporation (IFC), private equity firm TLcom, and the Global Agriculture and Food Security Programme.

Creadev is a global long-term investment firm owned by the wealthy Mulliez family of France which controls Groupe Auchan SA, a French international retail group and multinational corporation. The firm specializes in providing long-term equity support to entrepreneurs in the Healthcare, Food, and Human skills sectors.

June 14, 2019 at 03:55AM
https://www.forbes.com/sites/mfonobongnsehe/2019/06/14/french-family-office-invests-5-million-in-twiga-foods/
Forbes – Entrepreneurs
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