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Ground Up Investing (GUI), the impact investing arm of Corus International, has reached a $6 million first close for its second fund.
With Corus as the anchor investor, the $20 million Fund 2 will lend to agricultural businesses in Africa and Latin America. The fund aims to improve land management on more than 20,000 acres of farmland and create $200 million in new farmer income – $10 for every $1 invested.
Fund 2 provides two-year working capital loans to agricultural small and medium-sized enterprises in Kenya, Uganda, Rwanda, Colombia, Peru and Ecuador.
Fund 2 follows GUI’s first fund, launched in 2017. Fund 1 invested $5 million in 15 agricultural businesses.
“This milestone reflects much more than dollars raised,” said Mark Muckerheide, chief executive officer of GUI. “It reflects growing confidence in the farmers, entrepreneurs and rural businesses that power local economies every day. Over the past several years, we’ve seen first-hand that when agricultural enterprises gain access to capital, farmers earn more income, businesses grow and communities become stronger. Fund 2’s north star is $10 in additional farmer income for every $1 we invest, and our vision is to create $1 billion in farmer income over the next ten years.”
Corus International founded GUI in 2017 to bring patient, impact-focused capital to agricultural businesses that are often underserved by traditional finance. Corus is a global non-governmental humanitarian assistance and development organisation based in Washington, DC.
“Corus has spent decades working alongside farmers and rural communities around the world,” said Daniel Speckhard, president and chief executive officer of Corus International. “Ground Up Investing has shown that when capital reaches local entrepreneurs, it creates opportunities that extend throughout entire communities. The strong response from investors reflects a growing recognition that rural businesses are not only engines of economic growth, but also essential partners in building more resilient and prosperous communities.”
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