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East Africa Foods Raises $26M to Feed Africa's Cities

PIDG's InfraCo led the Series B, part of a $40 million round. The company buys from more than 28,000 farmers and plans to enter Kenya.

Founder and Editor
2 min read
Fruit and vegetable stands in Kariakoo market, Dar es Salaam
File photo: Kariakoo market, Dar es Salaam. Duniasikuzote, CC BY-SA 4.0, via Wikimedia Commons

[ The short version ]

  1. 01East Africa Foods raised a $26M Series B led by PIDG's InfraCo, within a wider $40M round.
  2. 02It buys produce from over 28,000 registered farmers and supplies more than 10,000 retailers.
  3. 03The money funds processing, storage, logistics and a first move into Kenya.

The Private Infrastructure Development Group, through its equity arm InfraCo, has led a $26 million Series B investment in Tanzanian agritech company East Africa Foods, as part of a broader $40 million fundraise.

$26M
Series B, within a $40M roundLed by PIDG's InfraCo

Who is in

  • Oikocredit and Dutch development bank FMO joined the round.
  • Existing investors ARAF, Goodwell, Africa Eats and FINCA took part.
  • The wider package includes debt funding from the Schmidt Family Foundation.
  • EKTA Partners advised on the deal.

What the company does

East Africa Foods buys produce directly from more than 28,000 registered farmers and supplies over 10,000 retailers in cities. It handles aggregation, grading, storage, processing and distribution, and sells to consumers through its Onja and Golden Banana brands.

What the money is for

Processing and storage capacity, logistics, its digital platform and entry into new markets, starting with Kenya. The company says it aims to work with 100,000 smallholder farmers in the coming years, with women expected to be about 45% of its farmer network.

Sources and notes
  • #Agritech
  • #Funding
  • #Tanzania
  • #Africa

[ Written by ]

Founder and Editor

Victor Oluwaleye founded TheStak to explain what tech, AI and marketing actually change for the people running businesses, in Africa and beyond. A computer scientist by training and a marketer by trade, Victor has spent more than a decade leading marketing teams and building digital systems inside organisations, and runs Induuce Consultants, a growth and digital transformation agency in Lagos. More about Victor

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