Aavishkaar Capital, via its Global Supply Chain Support Fund, has injected $5 million into Horizon Group Africa, a prominent spice processing enterprise with operations spanning Nigeria, Tanzania, and Madagascar.
This capital infusion is designed to bolster Horizon Group’s working capital and accelerate its expansion, positioning it to become one of the continent’s foremost spice processors.
This marks Aavishkaar Capital’s fourth investment in Africa in partnership with KfW, the German government-owned development and investment bank.
According to Aavishkaar Capital, the Global Supply Chain Support Fund facilitated this $5 million loan to Horizon Group Africa. This transaction represents the fund’s eighth investment across the Global South and its fourth within the African region.
The Global Supply Chain Support Fund, a $250 million initiative, targets investments across Africa and Asia, emphasizing robust Environmental, Social, and Governance (ESG) standards while balancing commercial profitability with positive societal impact.
Jomy Antony, CEO of Horizon Group, expressed enthusiasm about the collaboration: “Partnering with Aavishkaar Capital is a pivotal step as we advance our growth strategy. Their expertise in scaling enterprises, enhancing governance frameworks, expanding access to international markets, and mobilizing capital will be critical in establishing Horizon as Africa’s leading spice processor.”
Darren Lobo, director at Aavishkaar Capital, highlighted the value of the partnership: “We are excited to work alongside Horizon Group’s seasoned leadership team, which collectively brings over eight decades of experience in spice cultivation and trade, to develop one of Africa’s largest spice processing operations.
“We particularly commend Horizon’s impactful agricultural extension programs benefiting more than 3,000 farmers in remote areas of Tanzania, Madagascar, and Nigeria, alongside their enduring relationships with premier global clients cultivated over the past 5 to 8 years,” Lobo added.
Dr. Markus Aschendorf, head of division at KfW, emphasized the strategic importance of this investment: “Our support for Horizon Group through the Global Supply Chain Support Fund underscores KfW’s dedication to fostering sustainable supply chains in Africa and Asia.
“We are convinced that mission-driven capital can drive significant ESG advancements while promoting inclusive economic growth. Horizon’s commitment to ethical sourcing and regenerative farming practices aligns perfectly with our vision for resilient, environmentally responsible enterprises capable of meeting international standards and succeeding in global markets.”
