Finance

Nigeria: Tomato Jos raises $4mln Series A funding for expansion

Wednesday, 20 May 2020 14:48
Nigeria: Tomato Jos raises $4mln Series A funding for expansion

(Ecofin Agency) - The Nigerian agribusiness company Tomato Jos, completed a Series A funding amounting to $4.2 million from four foreign investors, including Goodwell Investments, an Amsterdam-based impact investor, which led the operation. The asset managers Alitheia Capital and VestedWorld, and the investment firm Acumen Capital Partners are the three other investors involved.

The agreement terms, as well as the contributions of these investors, have not been disclosed. Tomato Jos intends to pursue its expansion with the processing and distribution of tomato products. “We spent a long five years working only on farming and primary production to make sure that we had a really solid foundation in place. Everyone at the company is extremely excited to take this big step forward into the world of food processing and value-added production,” said Mira Mehta, Founder and CEO of Tomato Jos.

Nigeria is Africa’s second-largest tomato producer but the country faces a tomato supply deficit of $2.5 billion a year, according to 2020 data from the country's Central Bank.

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