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Browsing: Twiga foods
- Cash-strapped Kenyan startup Twiga Foods has raised an undisclosed funding amidst operational restructuring attributed to tough market conditions.
- The firm announced that it has successfully closed a capital raise to fund its transformation and growth plans, anchored by Creadev and Juven, with participation from other existing shareholders.
- The move comes months after the firm announced that it will lay off a third of its 850 permanent employees.
Cash-strapped Kenyan startup Twiga Foods has raised an undisclosed funding amidst operational restructuring attributed to tough market conditions.
The firm on Monday, announced that it has successfully closed a capital raise to fund its transformation and growth plans, anchored by Creadev and Juven, with participation from other existing shareholders.
The move comes months after the firm announced that it will lay off a third of its 850 permanent employees.
Twiga Foods chairman says firm on track to digitize retail economy
“The company …
According to Twiga, the transition was made in full compliance with the labour laws. Every impacted employee receives one month’s pay notice, termination pay of 15 days for every year worked, and pay for all outstanding leave days. The impacted employees have also been granted the first right of refusal to transition to the new model.
The company had in October stopped its engagement with expatriates who were offering different services across various departments.
Twiga has also cut its staff per diem for the remaining staff from a high of Sh4, 000 to Sh1, 000 where accommodation has been provided on a single room bed and breakfast basis.
The firm also has limited employees’ travel allowances to those whose work necessitates them to travel for more than 75 per cent of the month.…
- Kenya’s Twiga Foods has launched Twiga Fresh, a new subsidiary that will grow the company’s range of private label products
- The business-to-business e-commerce company said it has invested $10 million into the company, to scale the production of domestic horticultural staples like onions, tomatoes and watermelons
- Twiga Foods CEO and co-founder Peter Ndegwa said Twiga Fresh will be funded through debt in partnership with Development Financial Institutions in the long term
Twiga Foods has announced the launch of Twiga Fresh, a new subsidiary that is focused on modern and commercial farming, to help supply informal retailers and urban consumers with lower cost, better quality, and safe food.
The Kenyan-based business-to-business e-commerce company said it has invested $10 million into the company, to scale the production of domestic horticultural staples like onions, tomatoes, and watermelons, significantly lowering the cost.
The investment in Kenya will make this one of the largest single …
This and other challenges including unpredictable prices of farm produce and a lack of working capital often plague small restaurants and food vendors across the continent.
This is what largely drove the creation of TopUp Mama- Former Kibanda TopUp- in Kenya.
The firm launched in February 2021 in Nairobi and has reported significant growth over the past year since its inception.
Founded by Njavwa Mutambo, Emilie Blauwhoff and Andrew Kibe, the startup has grown 10-fold in just over a year with more than 3,000 merchants (1,000 active) using its platform to make orders every month.…
Twiga Food, the Kenyan company which is increasingly getting the attention of key global investors has attributed the growth to the manner it incorporates staff in partial ownership of the company that drives growth.
The company CEO and co-founder Peter Njonjo spoke at Dubai during the Global Business Forum Africa 2019 where African businesses are pitching their ideas to Emirati investors.
Njonjo noted that currently there are 8 people in management who receive stock options and expressed his hope that during their next round of raising capital, they want to increase this number of staff to 30 people.
“Empowering your employees to be entrepreneurs within the business is imperative to its success,” added Njonjo.
When asked what made him leave the comfort of a multinational company to venture into the world of entrepreneurship, Njonjo replied: “It got to a point where there were a good number of investors who were …
This week, Twiga announced that it has raised $23.75 million in a Series B equity round led by Goldman Sachs, with participation from existing investors, including the International Finance Corporation, TLcom Capital and Creadev. An additional $6 million in debt was raised from OPIC and Alpha Mundi.
Peter Njonjo, CEO and Co-founder at Twiga Foods, says, “This funding enables us to invest in our technology and organization ; a $300bn informal and fragmented market that is estimated to grow to $1trn by 2030. With the supto tackle the inefficiencies in Africa’s domestic food production and distribution ecosystemsport of our investors, we are developing technology-driven commercial solutions and cooperating with existing industry players to solve the challenge of food security in Africa.”
Jules Frebault of Goldman Sachs said, “Twiga’s innovative model combines technology and modern logistics tailored to the local market to re-engineer the food supply chain. We are delighted to …