After investing in Ngare Narok Meat Industries Limited a meat processing and distribution/retail business in Kenya, and ProDev Group Holdings in Rwanda, a grain handling business in Rwanda, Fanisi Capital has invested USD 2.1 million in Kenya’s European Foods Africa Limited (EFAL) to help the firm achieve its expansion plans.
EFAL runs cold chain frozen foods distribution and value addition business such as pizzas, whole berries and fresh berry beverages to supermarkets, grocery stores and restaurants in Nairobi and Mombasa. The debt and equity round will help the firm expand across the country and strengthen its operational systems and ensure stability.
In a statement, Tony Wainaina, Managing Partner at Fanisi Capital said,”We are supporting a strong entrepreneur who has developed a good understanding of the evolving local consumer preferences over several years, and has identified a niche product whose demand continues to grow.”
With Fanisi Capital’s raise, EFAL intends to increase its product offering and widening its regional customer base in the East Africa Community whose population is expected to hit 240 million people by 2019.
Stephan Belzer-EFAL’s Chief Executive Officer said, “Fanisi’s support and resources will drive the business to differentiate its brand through quality frozen product offering a stable and reliable cold chain system”