Key Takeaways
- • AgDevCo Ventures, the early-stage investment arm of African agriculture investor AgDevCo, invested $3 million in Uganda-based agro-processor Newman's through a mezzanine loan.
- • Newman's turns locally grown crops into value-added food products, packs fresh fruits and vegetables, and sources from over 3,000 smallholder farmers across Uganda.
- • The company supplies thousands of formal and informal retailers and is led by managing director Ssegujja Nasser.
- • AgDevCo Ventures invests $1–3 million in agricultural SMEs across East Africa, backed by first-loss capital and concessional funding from development partners.
Summary
AgDevCo Ventures, the early-stage investment arm of African agriculture investor AgDevCo, has invested $3 million in Uganda-based agro-processor Newman's through a mezzanine loan, according to Africa Private Equity News.
Newman's processes locally grown crops into a range of value-added food products and also packs fresh fruits and vegetables. The company is led by managing director Ssegujja Nasser and sources raw materials from more than 3,000 smallholder farmers across Uganda. It supplies thousands of formal and informal retailers.
Christine Mwangi, head of AgDevCo Ventures, said the firm looks forward to working closely with Newman's management team as it scales up production and increases access to affordable, quality foods in Uganda and across the region. Nasser said the investment gives the company capacity to meet growing demand and to buy more from its supplier farmers, and described AgDevCo Ventures as a partner that understands agribusiness and shares its long-term view.
AgDevCo Ventures invests $1–3 million in agricultural small and medium-sized enterprises across East Africa, providing capital and support to help them scale. The vehicle is backed by a blend of first-loss capital and concessional funding from development partners.
Newman's processes locally grown crops into a range of value-added food products and also packs fresh fruits and vegetables. The company is led by managing director Ssegujja Nasser and sources raw materials from more than 3,000 smallholder farmers across Uganda. It supplies thousands of formal and informal retailers.
Christine Mwangi, head of AgDevCo Ventures, said the firm looks forward to working closely with Newman's management team as it scales up production and increases access to affordable, quality foods in Uganda and across the region. Nasser said the investment gives the company capacity to meet growing demand and to buy more from its supplier farmers, and described AgDevCo Ventures as a partner that understands agribusiness and shares its long-term view.
AgDevCo Ventures invests $1–3 million in agricultural small and medium-sized enterprises across East Africa, providing capital and support to help them scale. The vehicle is backed by a blend of first-loss capital and concessional funding from development partners.
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