The B2B food distribution company financed $6.25 million of the funding in convertible debt and $23.75 million in equity, classified as a Series B round. IFC, TLcom Capital, and Creadev joined Goldman on the VC side.
Twiga will use the funds to set up a distribution center in Nairobi and deepen its conversion to offering supply chain services for both agricultural and FMCG products.
The Nairobi based company will invest in expanding into more cities in Kenya, including Mombasa. Twiga is also targeting Pan-African expansion by third quarter 2020.
“We’re working on French West Africa…we see significant opportunity in those markets,” Twiga CEO Peter Njonjo told TechCrunch.