Goodwell Investments backs Zambia's Good Nature Agro
Goodwell Investments backs Zambia's Good Nature Agro
Goodwell Investments has joined forces with Oikocredit and Global Partnerships/Eleos Social Venture Fund to provide $8.5 million in equity to Zambian enterprise Good Nature Agro (GNA).
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Goodwell Investments has joined forces with impact investing cooperative Oikocredit and Global Partnerships/Eleos Social Venture Fund (GP SVF) to provide $8.5 million in equity to Zambian enterprise Good Nature Agro (GNA).
GNA currently supports about 30,000 southern African smallholder farmers in growing drought-resistant, early-maturing legume seed varieties, including beans, cowpeas, soya beans and groundnuts. Its agritech-based business model encompasses access to inputs, input finance, smart and reduced fertiliser use, climate-smart training, and a guaranteed market for high-value produce, giving farmers a wealth of support to professionalise their businesses and establish a clear path out of poverty.
Goodwell first invested in GNA in 2020 via its uMunthu I fund.
To enable GNA’s next phase of growth, Goodwell led the company’s series B round, partnering with Oikocredit and GP SVF to raise a total of $8.5 million. With this new investor capital, GNA aims to grow its client base to 50,000 farmers by 2027. It will also deepen its engagement with its clients, improve its integration of whole farm income, develop new genetics to deliver greater yields and resilience, and innovate to keep its clients at the centre of agricultural supply chains.
”The remarkable growth GNA has experienced since our initial investment has been impressive. We have observed the company’s ability to deliver robust financial returns and make a significant social impact, all thanks to its farmer-centric business model, which effectively integrates smallholder farmers into the agricultural value chain. We are delighted to collaborate with investors Oikocredit and Global Partnerships to support GNA’s upcoming growth phase, which will be fuelled by the convergence of digital and financial inclusion, along with strategic inorganic growth initiatives,” commented Neo Maruatona Ratau, investment director at Goodwell Investments.
“Our new partnership with Good Nature Agro will enable Oikocredit to help more low-income African farmers improve their livelihoods through improved yields and access to markets. We’re delighted to be co-investing with like-minded investors in an innovative business with a clear mission to move farmers out of poverty,” said Samuel Kibiri, Oikocredit’s equity officer for Africa.
Jim Villanueva, managing director of GP SVF at Global Partnerships, added: “We first invested in GNA during their seed round in 2018 and have witnessed the enterprise’s ability to adapt and scale its offering to enable farmers to increase and diversify their incomes, in the face of both climate change and gender inequality. We are proud of the results achieved to date and the opportunity to support GNA in this next chapter of growth and impact.”
Carl Jensen, CEO of GNA commented, “Good Nature has broken the boundaries of most agribusinesses by engaging the full value chain – connecting growers, aggregators, processors and consumers – and delivering exceptional service through a hybrid tech and ‘boots on the ground’ model. We very much welcome Oikocredit as a new investor, endorsing our approach and potential, and are equally grateful for the partnership and trust of our existing investors Goodwell and GP SVF who participated in this round.”
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