Aavishkaar Capital, a company of Aavishkaar Group, has announced its fourth investment in Africa in collaboration with KfW, the German state-owned investment and development bank, into spice processor Horizon Group Africa.
- •The investment is Aavishkaar Capital’s Global Supply Chain Support Fund’s (GSCSF) fourth in the continent and eighth overall across the Global South.
- •The loan will be used to support Horizon’s working capital needs, particularly in the purchase of raw materials.
- •The Horizon Group aggregates and processes whole spices such as ginger, turmeric, cloves, cinnamon, cardamom and black pepper through its facilities in Nigeria, Tanzania, and Madagascar and supplies markets in the EU, Asia, and the United States.
“This partnership allows us to scale our model, empower more farmers, and ensure that Africa’s spices command their rightful place in global markets,” said Jomy Antony, Founder, Horizon Group Africa. “It also strengthens our ability to deliver organic certification, traceability, and social infrastructure across our farmer networks, aligning Africa’s spice trade with the highest global standards.”
The Horizon Group was originally founded in 2006 in Nigeria, operating trading businesses across agro-commodities, processed foods and furniture. In 2017, the group decided to focus on sourcing, processing and exporting high value spices grown across three leading spice-producing African countries; Nigeria, Tanzania, and Madagascar.
The new investment will be deployed to help the company more than triple its outreach to 10,000 farmers within three years, boost processing capacity, and positioning the continent for a substantial increase in spice exports.
“Horizon Group Africa is proof that African agriculture can move decisively up the value chain,” said Darren Lobo, Director, Aavishkaar Capital Africa, speaking from Nairobi, Kenya. “Africa’s spice trade has been forgotten in the global economy, but with the right mix of investment and partnerships it can thrive.”
Previous GSCSF investments include Privamnuts, a Kenya-based processor and exporter of macadamia nuts, similarly boosting the value for smallholder farmers by targeting customers in Europe, the US and Asia. Other investments focus on the apparel manufacturing industry through Hela Apparel Holdings in Mauritius and Balaji EPZ in Kenya.