East Africa Fruits Co., a Tanzanian company addressing food distribution challenges to improve efficiencies in the farm-to-market sector, closed Series A equity funding totaling $2.05m.
The round was led by Goodwell Investments with participation from FINCA Ventures and elea.
The company intends to use the funds to expand operations and build essential supply chain infrastructure and transport fresh produce directly from farms to urban marketplaces.
Led by Elia Timotheo, founder and CEO, East Africa Fruits is a social enterprise that provides a fair market for horticulture crops by aggregating supply and demand and improving cold chain distribution and warehousing infrastructure that reduces post-harvest loss and increases availability and quality of produce in local markets.
Over the next three years, the company plans to serve over 10,000 farmers and 6,000 small-and-medium enterprise (SME) vendors, will acquire new machinery for its main distribution center and will build essential infrastructure and technology to collect, store and distribute produce to match demand more accurately.