Goodwell Investments, a prominent impact investor, has made a strategic investment in SOUK Farms, a Rwandan grower and exporter of fresh horticultural produce. This significant investment was provided through uMunthu II, Goodwell’s 150 EUR million fund focused on supporting scalable, early-growth stage businesses in Africa.
The investment marks a crucial milestone for SOUK Farms, as it provides the necessary capital to expand and scale their sustainable agricultural business in Rwanda. With this funding, SOUK Farms aims to create resilient systems and value chains that will not only benefit local farmers but also contribute positively to the surrounding community.
Founded in 2019, SOUK Farms has already made a substantial impact in Rwanda’s agricultural landscape. The company has successfully built its own farming operations and established partnerships with a wide network of outgrowers. Through these collaborations, they cultivate and export high-quality exotic horticultural produce, while also catering to the Rwanda market.
What sets SOUK Farms apart is its innovative approach to combat climate change and disruptive rainfall patterns. Their steadfast commitment to strengthening the resilience of local farms has earned them recognition in the agricultural sector.
By partnering with Goodwell, SOUK Farms gains the necessary resources to expand their ambitious goals on a broader scale. The opportunities to create sustainable agricultural practices and improve existing ones in Rwanda are vast, and the collaboration with Goodwell is expected to drive a significant impact in terms of growth and positive outcomes for farmers and communities.
Seun Rasheed, the Founder and CEO of SOUK Farms, expressed enthusiasm for the partnership with Goodwell. He highlighted the company’s commitment to improving incomes, creating employment opportunities, and implementing education and outreach programs for youth and women in the agricultural sector.
SOUK Farms has played a pivotal role in Rwanda’s socio-economic transformation. Working closely with over 1,200 farmers across the country, they have significantly improved livelihoods, enabling farmers to earn more than 330 percent higher incomes compared to their pre-SOUK Farms partnership days.
The company’s strong focus on gender equality is commendable, with 77 percent of its workforce comprising women, in line with Rwanda’s national agricultural policy that promotes gender equality throughout the agricultural value chain.
Goodwell Investments recognized the positive impact efforts and solid business model of SOUK Farms as an ideal fit for its agricultural investment strategy. Their aim is to improve value chains, reduce post-harvest losses, and create better livelihoods for smallholder farmers.
Judith Ngonyo, Investment Manager at Goodwell Investments, spoke highly of SOUK Farms’ leadership under Seun Rasheed and praised the company’s clear vision for expanding its impact and productivity in a sector with increasing demand. The investment also marks Goodwell’s entry into the Rwandan market, further expanding their presence in East Africa.
The investment from Goodwell comes at a critical time for SOUK Farms, enabling them to build on their success, scale operations, and increase the productivity of Rwandan farmers. This collaboration reinforces Goodwell’s commitment to supporting companies that improve livelihoods and provide affordable, accessible, and high-quality goods and services to underserved populations.
As SOUK Farms and Goodwell embark on this exciting stage of business growth, the prospects for sustainable agricultural production and positive social impact in Rwanda look promising. Together, they are set to make a significant difference in the lives of farmers and communities while contributing to the advancement of Rwanda’s agricultural sector.
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