AgDevCo raises US$85M from BII, Swedfund, and Norfund to support African agribusiness

AFRICA – AgDevCo, an agricultural investment firm focused on sub-Saharan Africa, has secured US$85 million to support agri-food businesses in the region.

The funding was raised through partnerships with British International Investment (BII), Swedfund, and Norfund, with contributions of US$50 million, US$20 million, and US$15 million, respectively.

AgDevCo plans to invest in businesses producing food for local markets and export, aiming to expand its portfolio of agribusinesses and improve food security in rural areas.

The company estimates that by 2030, its investments will benefit four million farmers across sub-Saharan Africa.

It noted that many agricultural businesses struggle to access traditional financing, and this capital injection will provide them with long-term funding solutions.

BII remains AgDevCo’s largest external investor, having previously invested US$50 million in 2022.

AgDevCo’s CEO, Daniel Hulls, stated that commercial agriculture in Africa requires patient capital and strategic investment, adding that the new funding would help scale the company’s impact.

Investments in Agventure and Cashew Coast

In November 2024, AgDevCo invested US$9.5 million in Agventure, a Kenyan farmer-owned company that processes and sells canola oil under the Pure Mountain brand.

The funding, structured as a mezzanine loan, will enable Agventure to expand its production capacity and increase canola oil purchases from smallholder farmers.

It will also support Agventure Seed’s platform, which supplies certified seeds to farmers across Kenya.

Agventure’s CEO, Don White, said the investment would strengthen the company’s ability to provide regenerative agriculture solutions to more farmers.

AgDevCo’s Managing Director for East Africa, Rebecca Sankar, noted that the funding would help Agventure increase the supply of high-quality, locally produced food and reduce reliance on imports.

In July 2024, AgDevCo invested US$9.8 million in Cashew Coast, a cashew processing company in Ivory Coast.

The company sources organic, traceable cashews from 7,000 smallholder farmers and plans to use the funding to expand its processing capacity.

Cashew Coast expects the investment to double its annual processing volume from 9,500 tons and support the construction of new warehouses.

AgDevCo’s Investment Director for West Africa, Ismail Sentissi, said processing cashews locally strengthens economic opportunities and sustainability.

Cashew Coast welcomed the funding, emphasizing AgDevCo’s financial support and industry expertise in facilitating its expansion.

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