East Africa Foods Completes USD 40 Million Capital Raise Following Regional Competition Clearances

East Africa Foods (EAF) has completed a broader capital raise of approximately USD 40 million, comprising a USD 26 million Series B equity investment led by the Private Infrastructure Development Group (PIDG) through InfraCo, alongside Oikocredit and FMO (Dutch Entrepreneurial Development Bank). Existing investors, including ARAF, Goodwell, Africa Eats, and FINCA, also participated in the fundraising, while additional debt financing was provided by The Schmidt Family Foundation.

The completion of the transaction follows the receipt of all required competition and regulatory approvals, including clearances from the Fair Competition Commission (FCC) of Tanzania, the Zanzibar Fair Competition Commission (ZFCC), the East African Community Competition Authority (EACCA), and the COMESA Competition and Consumer Commission (CCCC).

According to the parties, the proceeds will be used to expand EAF's processing, storage and logistics infrastructure, strengthen its digital platform, and support expansion into new markets across the region. EAF currently works with more than 28,000 smallholder farmers and over 10,000 urban retailers across East Africa.

This transaction highlights the increasingly multi-jurisdictional nature of investments in East Africa, where merger control and competition clearances across national and regional regimes are often required before implementation.