Goodwell invests in SOUK Farms, supporting the company's goal to scale sustainable agricultural production across Rwanda
Funding comes via uMunthu II, Goodwell Investment’s EUR 150 million fund to finance innovative, impact-driven small and medium-sized businesses in Africa
Kigali, Rwanda, 3 August 2023: Goodwell Investments, an impact investing firm fostering inclusive growth in emerging markets is pleased to announce their investment in SOUK Farms, a leading grower and exporter of fresh horticultural produce from Rwanda.
Goodwell provided funding through uMunthu II, the impact investor’s 150 EUR million fund focused on scalable, early-growth stage businesses in Africa. The investment provides SOUK Farms with a solid foundation for scaling their sustainable agricultural business in Rwanda, enabling them to create resilient systems and value chains that benefit local farmers and the surrounding community.
Founded in 2019, SOUK Farms has already carved out a significant niche in Rwanda’s agricultural landscape, building its own farming operations as well as working with a wide network of outgrowers to cultivate and export high-quality exotic horticultural produce while also serving consumers in the Rwanda market. They have achieved this with a unique blend of innovation and a steadfast commitment to strengthening the resilience of local farms against climate change and disruptive rainfall patterns.
Partnering with Goodwell gives SOUK Farms the necessary capital to pursue these ambitions at a wider scale. “The opportunities to create sustainable agricultural practices and improve existing ones in Rwanda are great. Our partnership with Goodwell will drive a huge impact not only for the growth of SOUK Farms but also for the farmers and the communities we work as we continue to offer solutions that improve incomes and create employment while also implementing education and outreach programs for youth and women,” said Seun Rasheed, Founder and CEO at SOUK Farms.
SOUK Farms has been a key player in Rwanda’s socioeconomic transformation, and their ability to create a positive impact in the local agricultural supply chain is well established. Working closely with over 1,200 farmers across Rwanda, they have greatly improved livelihoods, enabling farmers to earn upwards of 300% more than they did prior to being outgrowers for SOUK Farms. Currently, 71% of the company’s workforce are women, aligning with the Rwandan government’s national Agriculture policy which promotes gender equality at all levels of the agricultural value chain.
Their impact efforts and solid business model are an ideal fit for Goodwell’s agricultural investment strategy, which strives to improve value chains, reduce post-harvest losses, and create better livelihoods for smallholder farmers.
“Under the experienced leadership of Seun Rasheed, SOUK Farms has a clear vision for expanding their impact and productivity in a sector with ever-increasing demand. We are proud to support the company in this exciting stage of their business growth, and look forward to seeing how they continue to innovate in the agricultural space. With this investment, we are also pleased to mark our entry into Rwandan market, further expanding Goodwell’s presence in East Africa,” said Judith Ngonyo, Investment Manager at Goodwell Investments.
This investment comes at a crucial time, enabling SOUK Farms to build on its success, scale operations, and increase the productivity of Rwandan farmers. It also reinforces Goodwell’s commitment to supporting companies that improve livelihoods and deliver affordable, accessible, high-quality goods and services to underserved populations.
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For additional information and interview requests, please contact:
Liz Keel
Marketing Communications Manager at Goodwell
Liz@goodwell.nl
About Goodwell Investments
Goodwell Investments is a pioneering impact investment firm focused on inclusive growth in sectors providing basic goods and services and income generation opportunities to underserved communities in Africa and India. The firm provides early-stage equity to high growth, high impact businesses. With teams in Kenya, Nigeria, South Africa and the Netherlands and a track record of over fifteen years, Goodwell demonstrates the ability to simultaneously deliver significant social impact and strong financial returns.
Learn more at www.goodwell.nl
About SOUK Farms
SOUK Farms grows and exports high-quality horticultural produce to stimulate social development in Rwanda. Serving markets across Europe and the Middle East, as well as local consumers, the company’s foundation is built upon sustainability, innovation, and superior business operations. Working with a network of 1,200 farmers, SOUK’s guiding principle is putting people first: giving them the support, skills and financial stability to achieve more.
Learn more at www.souk-ig.com