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Tanzania’s East Africa Fruits nets over $2m in equity round led by Goodwell Investments

Tanzanian social enterprise East Africa Fruits has closed a $2.05-million Series-A round. It raised a further $950 000 in debt funding.

The round was led by Dutch impact investment firm Goodwell Investments with participation from US based impact investor Finca Ventures and Swiss headquartered foundation Elea.

Founded by Elia Timotheo in 2013, East Africa Fruits, helps farmers to sell to informal markets. The business uses a web-based system to record and process client orders.

Other articles: African Food Prize for Innovation in Agriculture – $100,000

In an announcement on Wednesday (6 May), Goodwell Investments said the funding will help the business to build essential supply-chain infrastructure.

East Africa Fruits uses a web-based system to record and process client orders

They said over the next three years the business aims to serve over 10 000 farmers and 6000 small-and-medium enterprise (SME) vendors.

The company will also acquire new machinery for its main distribution centre and build essential infrastructure and technology to collect, store and distribute produce to match demand more accurately.

Other related articles: Angola’s Banco Millennium Atlântico Gets $40 Million to (SMEs)

“The completion of our Series A funding opens up incredible opportunities for East Africa Fruits,” Timotheo said in Goodwell Investment’s announcement.

“We’re eager to scale our operations, expand the reach of our smallholder farmer network and our distribution footprint, and ultimately to demonstrate real impact in the lives of local farmers and informal food vendors.”

Source: https://ventureburn.com/2020/05/goodwell-investments-east-africa-fruit-2-m/

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