Early-stage arm of AgDevCo backs a processor that sources from over 3,000 smallholder farmers
AgDevCo Ventures, the early-stage investment arm of specialist African agriculture investor AgDevCo, has invested US$3m as a mezzanine loan in Ugandan agro-processor Newman Foods Limited.
The investment will enable Newman’s to expand processing capacity, broaden its range of nutritious foods and bring more smallholder farmers into its supply chain.
Newman’s turns locally grown crops into a range of value-added food products and packs fresh fruits and vegetables, sourcing raw materials from over 3,000 smallholder farmers across Uganda and supplying thousands of formal and informal retailers.
“What Nasser has achieved in building Newman’s, a locally owned business with deep roots in Ugandan farming communities, is genuinely impressive. We look forward to working closely with the management team as they scale up production and increase accessibility of affordable, quality foods in Uganda and across the region.”
Christine Mwangi, Head of AgDevCo Ventures
AgDevCo Ventures is a specialist early-stage investment vehicle within the AgDevCo group. Backed by a blend of first-loss capital and concessional funding from development partners, it invests US$1–3m in high-potential agri-SMEs across East Africa, providing capital and expert support to help them scale sustainably. Its portfolio targets a high proportion of Black African-owned and led businesses, as well as businesses owned and led by women.
“This investment is a vote of confidence in what Ugandan farmers and a Ugandan brand can build together. It gives us the capacity to meet growing demand, to buy more from the thousands of farmers who supply us, and to put more wholesome, Ugandan-made snacks on the table. AgDevCo Ventures understands agribusiness and shares our long-term view, and that makes them the right partner for our next stage of growth.”
Ssegujja Nasser, Managing Director, Newman’s
You may also like
-
Sahara Impact Ventures backs Wami Agro to scale Ghana’s staple crop value chains
-
African Development Bank Group provides nearly $1 million to ACRE Africa to expand climate-smart insurance for Tanzania’s smallholder farmers
-
Ground Up Investing Secures $6 Million First Close on $20 Million Second Fund to Grow Farmer Income Across Africa and Latin America
-
AgriFI and Acumen Make EUR 1.8 Million Equity Investment in Vitara Agritech to Strengthen Ghana’s Shea Value Chain
-
ALCB Fund Invests in Swami Agri’s Debut Bond, First Agricultural Green Bond in WAEMU
