Key Takeaways
- • East Africa Foods closed a $40 million capital raise comprising a $26 million Series B equity round led by the Private Infrastructure Development Group (PIDG) through its InfraCo arm, plus debt funding from the Schmidt Family Foundation.
- • The round included participation from Oikocredit and FMO alongside reinvestment from existing shareholders ARAF, Goodwell, Africa Eats, and FINCA.
- • EAF operates a vertically integrated agribusiness model, sourcing directly from over 28,000 smallholder farmers and distributing to more than 10,000 urban retailers across Tanzania, with branded products including Onja and Golden Banana.
- • The capital will fund expansion of physical and digital infrastructure—including sourcing networks, fleet, storage, and technology platforms—to address supply chain losses that result in approximately one-third of farmer production never reaching consumers.
Summary
East Africa Foods, a Dar es Salaam-headquartered agritech and food distribution company, has secured $40 million in combined equity and debt financing to expand its food supply chain infrastructure across East Africa. The Series B round was anchored by a $26 million equity investment from the Private Infrastructure Development Group's InfraCo investment arm, joined by development finance institutions Oikocredit and FMO. Existing investors ARAF, Goodwell, Africa Eats, and FINCA participated in the round, signaling confidence in the company's growth trajectory. Additional debt funding came from the Schmidt Family Foundation, rounding out the broader capital package.
EAF operates an integrated sourcing and distribution model designed to reduce post-harvest losses in East African agriculture. The company sources produce directly from a network of more than 28,000 registered smallholder farmers, then aggregates, grades, stores, and processes the crops before distributing them to over 10,000 urban retailers. The company markets produce under multiple brands, including Onja and Golden Banana. Founder and CEO Elia Timotheo framed the investment as a response to supply chain inefficiencies: approximately one-third of farmer production fails to reach consumers due to infrastructure gaps rather than agricultural shortfalls. The capital will enable EAF to scale its sourcing network, fleet capacity, storage facilities, and digital technology platform—the infrastructure layer currently missing from the market.
PIDG's InfraCo characterized the investment as aligned with its mandate to support inclusive and climate-resilient growth in emerging markets, highlighting the intersection of food security, smallholder income support, and environmental sustainability that EAF's model addresses.
EAF operates an integrated sourcing and distribution model designed to reduce post-harvest losses in East African agriculture. The company sources produce directly from a network of more than 28,000 registered smallholder farmers, then aggregates, grades, stores, and processes the crops before distributing them to over 10,000 urban retailers. The company markets produce under multiple brands, including Onja and Golden Banana. Founder and CEO Elia Timotheo framed the investment as a response to supply chain inefficiencies: approximately one-third of farmer production fails to reach consumers due to infrastructure gaps rather than agricultural shortfalls. The capital will enable EAF to scale its sourcing network, fleet capacity, storage facilities, and digital technology platform—the infrastructure layer currently missing from the market.
PIDG's InfraCo characterized the investment as aligned with its mandate to support inclusive and climate-resilient growth in emerging markets, highlighting the intersection of food security, smallholder income support, and environmental sustainability that EAF's model addresses.
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