Kibo Capital is making its first investment in Mozambique, backing consumer product distributor Tropigalia to take a minority stake in the business.The deal is the fifth for Kibo’s second fund, which closed with $63 million in commitments in 2016. Tropigalia has operations in Mozambique’s three main cities – Maputo, Beira and Nampula – distributing food and non-food FMCG products for leading brands such as Colgate-Palmolive, Pioneer Foods and others. The fresh capital will be used to support the firm’s efforts to capture new exclusive distribution agreements with more global brands and add to the more that 3,000 product items it currently offers.
