For a breakdown of AgDevCo’s transactions since 2023, visit our Dealmaker’s Log.
AgDevCo Ventures, the early-stage investment arm of African agriculture investor AgDevCo, has invested $3 million in Uganda-based Newman’s through a mezzanine loan.
Newman’s is an agro-processor that turns locally grown crops into a range of value-added food products and also packs fresh fruits and vegetables. Led by managing director Ssegujja Nasser, the company sources raw materials from over 3,000 smallholder farmers across Uganda and supplies thousands of formal and informal retailers.
Christine Mwangi, head of AgDevCo Ventures, said: “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.”
Ssegujja Nasser added: “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.”
Backed by a blend of first-loss capital and concessional funding from development partners, AgDevCo Ventures invests $1–3 million in agricultural small and medium-sized enterprises across East Africa, providing capital and support to help them scale.
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