Global law firm White & Case LLP has advised Goldman Sachs, as leader, on a funding round for Twiga Foods, the Kenya-based food logistics startup.
Other leading investors including TLcom, International Finance Corporation and Creadev also participated in the funding
"This is the latest African investment on which we've advised Goldman Sachs, and it further demonstrates the strength of our capabilities advising financial investors on the African continent," said White & Case partner Ken Barry, who led the deal team.
The funds raised will be used to further Twiga's continued development and expansion in Africa. Its goal is to expand into Nigeria, Africa's most populous country and largest economy. Twiga aims to leverage the data it has collected on retailers to curate their creditworthiness and provide them with working capital loans.
Twiga operates a two-fold business-to-business model which sees it connect demand to supply – by allowing retailers to order fresh produce from local farmers through its mobile-based marketplace – and then manage supply through its logistics arm, reducing waste and improving efficiency. The company currently distributes food to more than 8,000 retailers across Kenya.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
The White & Case team in London which advised on the transaction was led by partner Ken Barry and included associates Ndidi Ezenwa, Will Summers, Preeti Nana and Joe Carroll.
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