KENYA – Gaea Foods, a pioneering female-led business focused on Kenya’s potato value chain, has become the first-ever recipient of investment from Pepea, an impact investment fund of Oxfam Novib managed by Goodwell Investments.
This investment, structured as venture debt, provides Gaea with essential working capital to better serve both its new and existing customers in the B2B market. T
The investment from Pepea will enable Gaea to further grow their business, including doubling their workforce from 20 to 40 employees in the coming year.
Gaea stands as a model for the type of organization Pepea intends to support, as it focuses on strengthening local value chains, improving incomes for smallholder farmers, and empowering female stakeholders.
Managing Director Irene Mwangi commented “My entrepreneurship journey started two decades ago and has been very dynamic ever since. This investment gives Gaea Foods the ability to keep evolving and source from more smallholder farmers.”
“The work we do allows us to contribute to developing the economy, create jobs and improve the farmers’ quality of life. We are looking forward working closely with Goodwell and Oxfam Novib to benefit from their knowledge and expertise in SME development.”
While Gaea initially traded in whole potatoes, the company later transitioned into processing, supplying peeled and cut potatoes to leading fast-casual restaurants in the Nairobi area, including Steers and Nando’s.
Launched in 2023, Pepea caters to the specific needs of early-stage companies in East Africa by investing in businesses that struggle to secure finance from banks and investments funds to accelerate their growth.
Aimed at small- and medium enterprises (SMEs) with high potential to create positive impact, the EUR 20 million fund leverages the complementary strengths of Oxfam Novib and Goodwell Investments to support young companies that are contributing to a greener, fairer, and more inclusive society.
Tamara Campero, Investments Manager at Oxfam Novib, observed that a year ago, when they introduced Pepea, they emphasized the fund’s focus on green, gender-forward investments.
According her, the Impact SME Development Program has shown that female entrepreneurs are more likely to create a gender-balanced workforce and provide decent work conditions for their staff.
“By investing in Gaea, a company that is female-owned, Pepea is not only supporting these values, but is also improving local value chains and empowering smallholder farmers,” Campero added.
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