This archive report was first published on 8 May 2020.
On May 8, 2020, East Africa Fruits Co., a Tanzanian social enterprise, secured $2.05 million in Series A funding to address food distribution challenges in the farm-to-market sector.
The funding round was led by Goodwell Investments, with participation from FINCA Ventures and elea. East Africa Fruits will use the funds to build essential supply chain infrastructure and strengthen livelihoods for small-scale farmers and food vendors.
According to Elia Timotheo, founder and CEO of East Africa Fruits, “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.”
Founded in 2013, East Africa Fruits aims to transform the farm-to-market value chain by reducing waste and delivering more control, transparency, and efficiency to small-scale farmers and informal vendors.
The combined $3.1 million in Series A equity and debt capital will help the company to grow its operations. Over the next three years, East Africa Fruits will serve over 10,000 farmers and 6,000 small-and-medium enterprise (SME) vendors.
Goodwell Investments’ Associate Partner and Lead Investment Manager, Joel Wanjohi, said, “Our investment in East Africa Fruits will help address these challenges. The substantial impact on enhancing food security and empowering the farmers through market linkage, driven by outstanding, local entrepreneurs, makes EAF a perfect match to our investment philosophy.”
