Category: Investments & Funding News

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Kenyan agri-tech startup Shamba Pride raises US$1.1m funding round to finance expansion plan

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KENYA – Kenyan agri-tech startup Shamba Pride has raised a US$1.1 million funding round to support its expansion across the country and roll out its solution to over 1,000 shops. Shamba Pride is a one-stop online-to-offline platform that connects smallholder farmers to quality inputs, services, and information through technology-powered “DigiShops”. Through Shamba Pride, existing last-mile agro dealer entrepreneurs are able to digitalise their operations and provide smallholder farmers with right and affordable technology, quality products and services. The model establishes a network of smart micro-entrepreneurs serving the smallholder farmer community,…

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BUA Group clinches US$200m to finance establishment of new integrated sugar project

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NIGERIA – BUA Group, one of Nigeria’s leading manufacturing conglomerate, has received a US$200 million corporate facility from Africa Finance Corporation (AFC), Africa’s leading infrastructure solutions provider, to complete its vertically integrated sugar facility in Lafiagi, Kwara State, Nigeria. The proceeds will be utilised for the development, construction, commissioning and operations of the Lafiagi Sugar Company (LASUCO). LASUCO, a first of its kind in Nigeria, is an integrated milling factory that will comprise of a 20,000 hectares plantation, 2,200,000 tons sugar milling plant and a 200,000 tons per annum sugar…

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AFEX expands across Africa with launch of US$100m Food Security Fund

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NIGERIA – AFEX, Nigeria’s leading commodities market player, is seeking to spread his impact across the region with the launch of new US$100m 10-year bond dubbed The Food Security Fund (FSF). The financing is aimed to strengthen Africa’s food security and produce three million MT of food annually on the continent. According to AFEX, the fund will support the financing of 250,000 hectares of land for commercial and smallholder farming, initially consisting of 30,000 hectares in the Nigerian states of Kano, Kaduna, Oyo, Ogun, Cross River & the FCT, before…

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South African watertech start-up Kusini Water receives funding from Vumela Fund

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SOUTH AFRICA – The FNB Business and Edge Growth investment vehicle Vumela Fund has announced a new deal with Gauteng-based clean watertech start-up Kusini Water. This investment will enable the company to expand its operations and broaden its ability to bring clean, safe drinking water to people throughout the African continent. Kusini Water is able to provide clean water to underserved communities by partnering with public benefit organisations. The company was founded in 2017 and specialises in the manufacture and assembling of water filtration and treatment systems equipped with IoT…

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AfDB approves US$40m grant to further capitalise Development Bank Ghana to provide financing to agriculture sector

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GHANA – The Board of Directors of the African Development Bank Group has approved a grant of US$40 million from the African Development Fund to the Republic of Ghana to further capitalise The Development Bank Ghana (DBG), a newly established development finance institution in Ghana. The Development Bank Ghana is designed to provide financing to micro, small and medium sized enterprises as well as small corporates in agribusiness, manufacturing and information and communication technology (ICT). “The project to support the DBG is aligned with Ghana’s Beyond Aid Vision and supports…

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Nigerian agro-processor Farmforte commissions 5,400 metric tonnes cashew processing factory

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NIGERIA – Innovation-driven and impact-oriented Agro firm, Farmforte, has officially opened a cashew factory in Edo State, Nigeria. The factory which was inaugurated by Edo state governor Godwin Obaseki has an annual processing capacity of 5,400 metric tons of cashew and is estimated to support over 2000 smallholder farmers. Outlining the gains of commissioning the facility in the state, the governor reassured that the government will support businesses in Edo and create an enabling environment for them to thrive by mitigating risks, ensure they make profits and advance their services…

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American Peanut Growers Group to invest US$85m in new peanut shelling plant

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USA — Grower-owned American Peanut Growers Group (APGG) is bolstering its share of the American peanut market with a new US$85 million investment in a new shelling plant in Donaldsonville, Georgia. APGG produces approximately 200,000 tons of peanuts per year and supplies a wide range of customers that include major confectioners, peanut butter manufacturers, and snack-nut roasters.  “We are extremely excited about this project and the opportunities it will provide for economic growth in Southwest Georgia,” said Jeremy Mayes, general manager of American Peanut Growers Ingredients.  “Per capita, peanut consumption…

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BigBasket eyes growth in brick and mortar, to open 200 Fresho stores by 2023

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INDIA – Indian online grocery delivery service is eyeing growth in brick and mortar stores and plans to open 200 physical outlets across India by fiscal year 2023.   The Bengaluru-based online grocer which recently opened its first Fresho store aims to increase that number to 800 stores by 2026, its cofounder and CEO Hari Menon said.   “The stores will offer high quality products at extremely competitive prices. With Fresho stores, customers can now handpick fresh fruits and vegetables as well as daily essentials like bread and eggs which are stocked at the store,” Bigbasket said.  Indian farmers…

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Guinness Nigeria beefs up spirits production with launch of new US$2.2m line

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NIGERIA – Guinness Nigeria Plc, a subsidiary of Diageo Plc, has commissioned a new Spirits production line at its Ogba brewery in Lagos. The new line, part of the brewer’s Mainstream Spirit Capacity expansion programme with a cost of £2.0m (US$2.2m), avails an additional cube packaging line to meet increased demand for the company’s mainstream spirits portfolio. According to reports by Vanguard, the facility is expected to produce about 600,000 EUs of the company’s iconic spirits brands including Orijin Bitters per year, in different sizes and formats desired by consumers.…

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T. Hasegawa USA plans new facility to drive growth in US flavour market

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USA – Japanese flavour and fragrance company T. Hasegawa USA has unveiled plans to open a new production facility in Rancho Cucamonga, California to take advantage of the growing demand for flavours.  The new 60,000-square-foot plant will double T. Hasegawa’s production capabilities in the US market and will primarily produce sweet food and beverage flavours.  It will also contain equipment for liquid blending, spray dry technology for powdered flavours and flavour extraction equipment.   Hasegawa plans to continue to operate from its US headquarters in Cerritos, California, but will shift current…

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