Aavishkaar Capital backs African spice exporter
The Horizon Group, founded in Nigeria in 2006, aggregates and processes high-value whole spices.
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Aavishkaar Capital has made its fourth investment in Africa, providing a loan to Horizon Group Africa in partnership with KfW, Germany’s state-owned development bank. The funding comes from the Global Supply Chain Support Fund.
The Horizon Group, founded in Nigeria in 2006, aggregates and processes high-value whole spices such as ginger, turmeric, cloves, cinnamon, cardamom and black pepper through its facilities in Nigeria, Tanzania, and Madagascar supplying markets in the EU, Asia, and the United States. The loan will help the company purchase raw materials and meet growing demand from international buyers.
“We are pleased to partner with Aavishkaar Capital as we embark on the next phase of our growth journey. Their experience in scaling businesses, strengthening governance systems, enabling access to global customer markets, and unlocking capital will be invaluable as we build Horizon into the leading African spice processing company,” said Jomy Antony, CEO of Horizon Group.
Commenting on the investment, Darren Lobo, director at Aavishkaar Capital, said: “We are delighted to partner with the Horizon Group’s exceptional management team, which brings over 80 years of combined expertise in spice growing and trading, to build one of Africa’s largest spice processing companies. We deeply value Horizon’s impactful farm extension works with more than 3,000 farmers across remote regions of Tanzania, Madagascar, and Nigeria, as well as the strong, long-term relationships they have cultivated with top global customers over the past 5–8 years.”
The GSCSF is a $250 million fund focused on investments in Africa and Asia. Its previous three investments in Africa include:
Hela Apparel Holdings – a manufacturer of ethically produced clothing that offers end-to-end supply chain solutions, with a focus on sustainability and innovation;
Balaji EPZ – an apparel company with more than 20 years’ experience supplying global denim brands; and
Privamnuts – a Kenyan processor and exporter of macadamia nuts serving customers in Europe, the US and the Far East.
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