The Kenyan Agritech startup, Twiga Foods will lay off 59 employees as it plans to restructure its business model after a series of setbacks, and legal battles. In August 2023, Twiga Foods laid off over 280 employees, highlighting cashflow problems including its inability to pay staff and vendors.
These changes are crucial as Twiga accelerates towards profitability and continues its motion of revolutionizing food distribution in Africa through innovative digital solution
Twiga Food.
The Agritech startup’s financial troubles were compounded in early 2024 when cloud provider Incento took the company to court over an unpaid bill of $261,000.
Twiga Foods underwent a leadership change in 2024. Peter Njonjo, the company’s founder, stepped down after securing new funding and was replaced by Charles Ballard, a former Jumia executive. This change in leadership raised speculation that the founder was pushed out of the company.
Twiga Foods attracted $35 million in convertible bonds from investors such as Juven and Creadev in November 2023. The round also included a personal investment of $1 million from the company’s founder.
The Kenyan startup plans to open 25 new roles aiming at the growth and innovation departments of the company.
These adjustments will allow us to improve our service offering and lay a stronger foundation for sustainable growth in the future.
Charles Ballard, Twiga Foods CEO