For a breakdown of West African transactions, visit our Dealmaker’s Log.
EDFI Management Company, through the European Union-funded Agriculture Financing Initiative (AgriFI), has signed a $2.5 million convertible-note investment in Tomato Jos, a vertically integrated tomato farming and processing business in northern Nigeria.
Tomato Jos produces and sells consumer-packaged tomato paste nationwide in Nigeria. Its model combines farm operations, smallholder sourcing and local processing, helping to convert fresh tomatoes into value-added products for the domestic market.
The funding will finance packaging equipment, factory upgrades and the expansion of drip irrigation.
Rodrigo Madrazo, chief executive officer of EDFI Management Company, said: “Tomato Jos combines a compelling commercial model with tangible development impact. Its integrated approach links farmers to reliable offtake while providing access to land, irrigation, inputs and technical support that can help raise productivity and incomes. AgriFI’s investment through the ACP Regional Window will enable targeted investments in drip irrigation and packaging capacity, helping to expand the product offer, reduce production costs, and catalyse further private investment for its next stage of growth.”
By 2029, Tomato Jos expects to increase annual fresh-tomato production to approximately 16,000 tonnes, compared with just over 4,500 tonnes today.
Mira Mehta, founder and chief executive officer of Tomato Jos, said: “AgriFI’s investment supports important next steps in building a resilient tomato value chain in northern Nigeria. It will enable investments that expand our production and market reach, reduce our energy costs and carbon footprint, and deepen our work with smallholder farmers. Our objective is to make locally produced, high-quality tomato paste more accessible to Nigerian consumers while creating better and more reliable economic opportunities for the farming communities we work with.”
The investment is also expected to catalyse a $6 million equity round in 2028.
** Read more from How we made it in Africa: Producing tomato paste in Nigeria – Tomato Jos’ seven-year journey
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here