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East Africa Foods (EAF) has raised about $40 million to expand its food supply chain infrastructure.
The funding includes a $26 million Series B equity round led by the Private Infrastructure Development Group (PIDG), through its InfraCo investment arm, alongside Oikocredit and FMO. Existing shareholders ARAF, Goodwell, Africa Eats and FINCA reinvested in the company.
The broader capital raise also includes debt funding from the Schmidt Family Foundation.
EAF is a Dar es Salaam-headquartered agritech and food distribution company.
The company sources produce directly from more than 28,000 registered smallholder farmers. It aggregates, grades, stores and processes the produce before distributing it to more than 10,000 urban retailers. Its products are also sold under brands including Onja and Golden Banana.
Elia Timotheo, founder and chief executive officer of EAF, said: “A third of what our farmers grow never reaches anyone’s table. That is not a farming problem: it is an infrastructure problem, and it is solvable. For the past three years we have been building the layer this market is missing: the sourcing network, the fleet, the storage, and the technology that sit between a smallholder farm and an urban shelf. This investment enables us to further improve and scale this physical and digital infrastructure. We would like to thank our investors for their support in scaling this vital infrastructure.”
Claire Jarratt, head of investment management for InfraCo, commented: “EAF’s offering aligns well with PIDG’s mandate to deliver inclusive, climate-resilient growth across the countries in which we operate. Strengthening EAF’s presence in Tanzania, and expanding its efficient, data-driven business into Kenya, will enable the company to mobilise future finance into this vital sector, underpinning improved food security across the region.”
Samuel Kibiri, senior equity officer at Oikocredit, noted: “At Oikocredit, we believe that building climate-resilient food systems requires investment in the infrastructure that connects farmers to markets efficiently and sustainably. EAF’s integrated aggregation, storage, processing, and distribution platform helps reduce food loss across the value chain, strengthen food security for growing urban populations, and improve the resilience and incomes of smallholder farmers. By improving supply chain efficiency and creating value across the food system, EAF is well positioned to deliver lasting impact, sustainable growth, and attractive financial returns as it scales across East Africa. We are proud to support EAF on this journey and to invest alongside like-minded partners.”
Peter Byrde, director for private equity at FMO, said: “Through our partnership with East Africa Foods, we have seen how investments in logistics, storage, processing, and digital solutions can reduce food loss, improve market access, and increase income opportunities for smallholder farmers. That’s why FMO is pleased to support EAF’s next phase of growth as it expands critical supply chain infrastructure across the region, helping to build a more efficient, resilient, and inclusive food system. By demonstrating a scalable and commercially viable model for agri-logistics, we believe EAF can help catalyse greater private sector investment into the sector and pave the way for increased commercial funding in the years ahead.”
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