East Africa Fruits Nets $2m in Equity Round led by Goodwell Investments

• Tanzania’s East Africa Fruits social enterprise has closed a Series A round of $2.05 million. It raised an additional $950,000 in debt funding.
• The round was led by Goodwell Investments, a Dutch investment group with US-based impact investor Finca Ventures and the Elea foundation headquartered in Switzerland.
• The funding will enable the business to support over 10 000 farmers and 6000 small and medium-sized enterprise (SME) vendors over the next three years.

Tanzania’s East Africa Fruits social enterprise has secured a Series A round of $2.05 million. It raised an additional $950,000 in debt funding.

The round was led by Goodwell Investments, a Dutch investment group with US-based impact investor Finca Ventures and the Elea foundation headquartered in Switzerland.

East Africa Fruits was founded by Elia Timotheo in 2013, and helps farmers sell to informal markets. The company uses a web-based program for tracking and handling client orders.

The company uses a cloud-based framework for tracking and handling customer orders.

Goodwell Investments said in an announcement on Wednesday, 6th of May, that the investment would help the company develop critical supply chain infrastructure.

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It said the business intends to support over 10 000 farmers and 6000 small and medium-sized enterprise (SME) vendors over the next three years.

The company will also purchase new equipment for its main distribution centre, and develop critical infrastructure and technology to more efficiently procure, store and distribute goods to meet demand.

“The completion of our Series A funding opens up incredible opportunities for East Africa Fruits,” Timotheo said in Goodwell Investment’s announcement.

“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.”