East Africa Fruits, a B2B social enterprise based in Tanzania landed an impressive $2.05 million Serie A funding. This was followed by an extra $950,000 credit line. The announcement was made on May 6 and enables the company to invest in creating a supply chain network and enable smooth transport of food from farmers to the market. Other investors that pat in the seed round were Elea and FINCA ventures.
The combined capital injection of $3.1 million will assist the company to expand its operations and serve 6,000 small and medium-sized vendors and over 10,000 farmers. The company will buy machinery for its distribution centers and invest in technology to enhance efficiency.
East Africa Fruits Founder and CEO, Elia Timotheo, explained how the new venture opens up “incredible opportunities” for fruits in the region. He emphasized the company’s desire to “scale” operations and achieve a “real impact” in the lives of the informal food vendors and local farmers.
Joel Wanjohi, Goodwell Investments’ Associate Partner & Lead Investment Manager, East Africa, pointed out Tanzania as being “no exception” when it comes to tackling food security. Food wastage means a lot of food never reaches the market at all.
Ami Dalal, MD of FINCA Ventures pointed out the vital role played by East Africa Fruits. He mentioned how they are “raising income levels” by guaranteeing them stable cashflow.