Injaro Investments Ltd have announced the final close of their USD49m Injaro Agricultural Capital Holdings Ltd, their West Africa fund. New commitments to the fund come from anumber of DFI lie CDC (through their DFID impact fund), FMO (MASSIF Fund), and French Proparco (FISEA). Investments in the first close came from the Lundin Foundation, the Alliance for a Green Revolution in Africa (AGRA); the Soros Economic Development Fund (SEDF); and three family offices.
The fund focuses on impact-oriented agricultural investments in West Africa. As an impact fund, Injaro will specifically look for SME agribusinesses that traditional investors would tend to overlook – an investment concept that does not yet attract fully commercial backers.
By June 2014, Injaro have invested USD9.3m in seven companies: Proveto SA, a poultry inputs supplier in Côte d’Ivoire, Kona Agro Processing, a cashew processing company in Ghana, SeKaf, a shea butter processor in Ghana, and four seed production companies inn Niger, Mali, Burkina Faso and Ghana respectively. Source: Africa Assets