ATRIA

About the fund

Miarakap Investissement is the pioneering domestic impact investment fund in Madagascar, founded in 2018 by Emmanuel Cotsoyannis. Operating as a minority equity investor, the fund finances established Malagasy SMEs with ticket sizes ranging from 300 million to 3 billion MGA (approximately $65k–$650k), targeting businesses with revenues above 300 million MGA, positive EBITDA, and a minimum 30% annual growth potential. The fund takes a hands-on approach, providing not only capital but active governance support, strategic advice, and operational assistance across accounting, HR, marketing, and business development. It has backed around 15 Malagasy SMEs across sectors including food and agribusiness, hospitality, retail, beauty, and technology. With €6.5 million raised from a mix of domestic and international investors — including IETP, BFV-SG (Société Générale Madagascar), BMOI, JICA, and Axian Group — Miarakap manages over $20 million in assets across its investment, acceleration, advisory, and fund management activities.