Afrigather Twiga Foods, a platform that connects Kenyan farmers to meals distributors, has secured undisclosed funding as a part of a enterprise refinancing course of simply weeks after going through a KES 40 million (USD 261,878.75) debt assortment lawsuit from Incentro Africa, a cloud companies vendor.
Twiga secured the brand new funding from Creadev, Juven, TLcom Capital Companions, and DOB Fairness, 4 buyers that participated in its 2021 $50 million
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“We now have despatched over 100 letters informing suppliers that we’ve got now finalised our restructuring and refinancing and they’ll lastly have their lengthy excellent dues paid,” stated Peter Njonjo, Twiga’s CEO, in a now-deleted Medium article posted two weeks in the past.
It’s a U-turn from Twiga’s original position disputing Incentro’s debt declare. “The statutory demand is made in unhealthy religion and with ulterior motives,” Twiga stated in response to Incentro’s unique court docket submitting. It additionally stated that the lawsuit was “unreasonable and motivated by malice.” Regardless of this, Twiga later confirmed it was in talks with Incentro to settle the debt.
Throughout the liquidation continuing, Twiga argued that its popularity could be harmed, seemingly to discourage comparable lawsuits from different suppliers. By late 2022, Twiga had over 140 suppliers.
