World Bank to finance smallholder farmers and agri-enterprises in Liberia, Côte d’Ivoire

WEST AFRICA – The World Bank has approved new financing through the International Development Association (IDA), to increase productivity and market access for smallholder farmers and agri-enterprises in Liberia and Côte d’Ivoire. In Liberia, the bank is injecting US$55 million credit financing into the Rural Economic Transformation Project (RETRAP), focusing on improved production of cassava, rubber, poultry, and pigs. This new financing targets 60,000 persons, 50 percent of whom are women, mainly smallholder farmers and agri-entrepreneurs (private agribusiness investors, cooperatives, and SME processing or providing other services to agri-food systems)…

Read More

Mozambique, IFAD launch US$49m aquaculture project to boost sector

MOZAMBIQUE – Mozambique has partnered with the International Fund for Agricultural Development (IFAD), to launch an aquaculture projected aimed to support more than 88,000 rural small-scale fish farmers. The PRODAPE project, worth US$49m, targets to support the transition of the aquaculture sector from subsistence to commercial production, underpinned by the involvement of small-scale farmers, particularly women and unemployed young people ready to embrace aquapreneurship. Through this, the initiative will play a crucial role in the socio-economic development of the country and improve nutrition, food security, and increase production and incomes.…

Read More

Kenya makes agribusiness attractive to youths with launch of US$20m capacity building initiative

KENYA – Kenya has unveiled a Ksh. 2.2 billion (US$20m) Empowering Novel Agribusiness-led Employment (ENABLE Kenya) program, aimed at creating employment, generating income and bridging succession gap in the agribusiness sector. The youth capacity building initiative, ENABLE Kenya is funded by both the Government of Kenya and the African Development Bank (AfDB). It seeks to build the capacity of 10,000 youths involved in agribusiness, to enable them create employment opportunities for 50,000 others. Besides training and capacity building, a large proportion of the Ksh 2.2 billion (US$20m) fund will be…

Read More

Turkish grocery delivery firm Getir raises US$550m to fund expansion into North America

TURKEY – Getir, a pioneer in the ultrafast grocery delivery market, has raised more than US$550 million in a Series D funding round even as it continues with its ambitious expansion plans. The company which is reported to now have a valuation of US$7.5 billion has already set up shop in London, the UK and in Amsterdam, the Netherlands. Getir’s couriers are set to hit the road in Paris, France and Berlin, Germany in the coming week, according to a statement from the company. The recent funding round comes on…

Read More

Barilla launches global food startups accelerator as Uncle Nearest invests in minority-owned spirit brands

ITALY — World’s largest pasta producer Barilla through its venture group BLU1877 has partnered with KitchenTown, a San Francisco-based incubator launch the fourth Good Food Makers global accelerator for food startups. According to a statement from the leading past producer, startups seeking to join the accelerator program will be required to have solutions for four specific challenges affecting food production today. The challenges include promoting a circular economy, improving food delivery, developing digital nutrition guides and creating easy meal routines. The circular economy challenge focuses on solutions to upcycle three…

Read More

Processor of Kenya’s premium tea brand Kericho Gold gets backing from European financiers Si, IFU, Proparco

KENYA – Global Tea & Commodities, one of the fastest growing and fully integrated tea, coffee and macadamia producing companies with operations in Kenya and Malawi, is set to receive growth capital from three European financiers. The three firms – French development finance institution Proparco, Danish sustainable investment fund IFU and London based investment and advisory firm Si Advisers LLP, have inked a financing agreement with the packer of premier tea brands, Kericho Gold and Baraka Chai. Global Tea founded in 1992, trades in Kenya through its subsidiary Gold Crown…

Read More

Kenyan extension service provider FarmMoja receives backing from social investor ADAP Capital

KENYA – FarmMoja, a Kenyan based provider of training and extension services to smallholder farmers, has received an undisclosed amount of investment from ADAP Capital LLC, to enable it expand operations. The support was issued through ADAP’s Fund 2, making it its 12th portfolio investment and 23rd for ADAP to date. According to ADAP, FarmMoja’s model of delivering effective end-to-end agricultural development has the potential to transform millions of productive global agricultural producers across the region. “The investment from ADAP Capital comes at a critical time for us as a…

Read More

ICL launches new hub to support growth of innovative food and beverage startups

ISRAEL –  ICL Group, An Israeli global specialty minerals and chemicals company, has launched a new startup hub is designed to propel innovative food tech and agri-tech start-ups to the market. Dubbed ICL Planet, the new startup hub also aims to provide enterprises with a broad network of support, including investment and mentorship. According to a statement from the company, ICL Planet is designed to benefit both early-stage, pilot-ready start-ups and more mature, market-ready start-ups. The new start-up hub will center activities on two core areas of competency. The first…

Read More

Nigerian Agritech startup Thrive Agric partners with USAID to launch US$10m project to support smallholder farmers

NIGERIA – Thrive Agric, the Abuja-based agritech startup, has launched a one-year project that aims to support 50 000 smallholder farmers and will be supported and conducted in collaboration with the USAID-funded West Africa Trade & Investment Hub (Trade Hub). As part of its partnership with the Trade Hub, Thrive Agric has committed to raising at least US$10 million to fund this initiative while Trade Hub will invest US$1.75 million in grant form. The farmers to be supported are the ones that grow rice, maize, and soybean in Nigeria, as…

Read More

Ethiopia’s leading poultry company EthioChicken Group receives US$5m backing from Finnfund

ETHIOPIA – Ethiopia’s leading producer of day-old-chicks and poultry feed, EthioChicken Group has received US$5m equity investment from OP Finnfund Global Impact Fund I, the first global emerging markets impact fund in Finland. Finnfund, a Finnish development financier and impact investor acts as an anchor investor and advisor to the fund. The financing, which is a follow-on investment from Finnfund’s backing of the company in 2017, is aimed to generate jobs, improve food security and reduce poverty in Ethiopia. “We are very happy to welcome OP Finnfund Global Impact Fund…

Read More