Overview: Today, we’re going to talk about Twiga Foods. We’ll explore the story across the following 6 areas
Africa Agricultural context
Kenya farming & market access context
Twiga Foods’ early history
Twiga Foods’ Product & monetization strategy
Twiga Foods’ Competitive positioning & potential exit options
This episode was recorded on May 28, 2023
Companies discussed: Twiga Foods, Apollo Agriculture, Vendease, Kibanda, Kellogg, Tolaram, Multipro, Olam, Dangote, Coca-Cola, Shoprite, Cargill, Nestle, Unilever & Safaricom (M-Pesa)
Business concepts discussed: Agriculture technology (AgTech, AgriTech or AgroTech), Agribusiness marketplaces, farming financing, Farmer market access opportunities, SMB Retail, B2B solutions and Agriculture Logistics.
(01:00) - Twiga Foods context
(08:53) - Africa Agriculture context
(18:30) - Kenya background and agriculture context
(23:34) - Market access context in Africa
(31:20) - Market access context at Twiga Foods' founding
(40:12) - Founders’ background and farming context
(56:10) - Fundraising
(1:04:10) - Geographical expansion, Partnerships and Hiring
(1:15:00) - Metrics
(1:20:15) - Product & Monetization strategy, Cost structure
(1:32:58) - Competition
(1:35:00) - Options for exit
(1:45:50) - Olumide’s overall thoughts and outlook
(1:58:58) - Bankole’s overall thoughts and outlook
(2:06:31) - Recommendations and small wins
Olumide’s recommendations & small wins:
Recommendation: Berkshire Hathaway story on the Acquired podcast. It has multiple parts and is really good. The Acquired podcast is like the non-African version of Afrobility. They tell stories of companies in developed markets. Alternatively you could say Afrobility is the African version of Acquired.
Recommendation: Exxon-Mobil analyses on Business Breakdown podcast. Business Breakdowns is like a more serious suit-and-tie version of Acquired. As you can tell from my recommendations I like podcasts that analyse businesses.
Small win: Sao Paulo trip. It was fun.
Small win: To physically touch and hold the Firedom (financial independence) book. I and Samon released the paperback and hardcover versions in May and I just received my author copy. It feels magical, the book is beautiful and bright red.
Bankole’s recommendations & small wins:
Small win: The EPL season is over, and the suffering of being a Chelsea fan is on pause…
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