IVORY COAST—Cashew Coast, a rapidly growing cashew processing company based in Ivory Coast, has secured €9 million (US$9.8 million) in funding from social impact investor AgDevCo to expand its organic traceable cashew processing business in the country.
According to Cashew Coast and AgDevCo, the financing drive will benefit 7,000 smallholder farmers in the West African country.
The social impact investor revealed that the funding would finance the processing company’s processing capacity expansion. It will also be used to construct new warehouses alongside other local programs that enhance the productivity of smallholder farmers.
The funding is expected to double Cashew Coast’s processing volume from the current 9,500 tons annually.
AgDevCo welcomed the move, stating that it will enhance the company’s competitive position in the global cashew industry.
Ismail Sentissi, AgDevCo’s Investment Director for West Africa, said, “On both commercial and sustainability grounds, it makes sense to process cashews at the origin. We are delighted to begin this partnership with Cashew Coast, which will support the company’s continued growth, create more jobs in rural areas, and help build a globally competitive cashew processing industry in West Africa.”
Cashew Coast also welcomed the move, reiterating the importance of AgDevCo’s financial muscle, expertise, and experience in enhancing the cashew processing company’s growth.
Salma Seetaroo, Cashew Coast’s co-founder and CEO, said, “AgDevCo brings long-term, flexible capital, combined with agricultural acumen and a network of contacts that will help us achieve our ambitious goals.”
“We are very pleased to close this investment and hope this key milestone will entrench Cashew Coast as a successful and replicable African business model.”
Ivory Coast is the world’s largest raw cashew producer. In 2023, the country produced 1 million tons of the crop, which accounted for 24% of the total global production. However, the country has lagged in terms of value addition, processing 25,000 tons of the crop in the same year.
The funding drive is important in enhancing Ivory Coast’s cashew processing potential.
AgDevCo is a social impact investor that prides itself on supporting agribusinesses across Africa. Over US$280 million has been used so far to manage 65 projects.
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