(Bloomberg) -- Twiga Foods is eying a $1 billion valuation within five years as the fresh produce distributor uses technology to help modernize informal retail across Africa, Chief Executive Officer and Co-founder Peter Njonjo said.
The Kenyan company sees the target-cities presenting a $77 billion opportunity in the next five years. “Achieving our long term strategic plan will definitely make us a unicorn,” Njonjo said, without revealing the current valuation.
Twiga on Monday said it closed $50 million series C equity funding from a consortium led by Creadev SASV. That takes the amount of money Twiga has raised since its inception to $110 million. New investors include OP Finnfund Global Impact Fund I, and co-investment vehicle Endeavor Catalyst Fund.
Twiga will use the funds to produce its own fresh products using “precision agriculture and satellite imagery” to improve crop yields, according to Njonjo. The company plans to start selling fruits and vegetables from February 2022 across East Africa as it builds an extensive and low-cost distribution network, he said.
“We are deeply convinced in Twiga's potential to revolutionize informal retail across Sub-Saharan Africa,” Pierre Fauvet, Africa Director at Creadev said in an emailed statement. The company has gained significant traction, leveraging on technology to optimize the food supply chain in African cities, Fauvet said.
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