This archive report was first published on 7 May 2020.
On May 7, 2020, East Africa Fruits Company, a Tanzanian firm offering fresh produce distribution services, successfully raised $2.05 million (KSh218 Mn) in its Series A equity funding round.
The funding, which was led by Goodwell Investments, FINCA Ventures, and elea, aims to enhance the company's operations and improve the lives of small-scale farmers and food vendors.
According to Elia Timotheo, Founder and CEO of East Africa Fruits, 'The completion of our Series A funding opens up incredible opportunities for us. 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.'
East Africa Fruits will utilize the funding to build essential supply chain infrastructure, improve transportation of fresh produce from farms to urban markets, and strengthen livelihoods for small-scale farmers and food vendors.
The company will also acquire new machinery for its main distribution center and develop technology to collect, store, and distribute produce to match demand more accurately.
