ImpactAlpha, June 29 – East Africa-focused agriculture impact investor Pearl Capital Partners committed 4.6 billion Ugandan shillings ($1.2 million) to Naseco to distribute improved seed varieties that will help Ugandan farmers boost yields and incomes.
Pearl made the investment from its €20 million ($22 million) Yield Uganda Investment Fund. Naseco is the Yield Fund’s seventh investment.
Pearl Capital launched in 2005 to fill East African agribusinesses’ financing gap with a combination of debt, equity and quasi-equity. The Yield Fund, its third fund, is backed by the European Union and Ugandan pensions (see, “Pearl Capital closes round for Uganda agriculture fund”).
The Yield Fund portfolio’s six other investments are soy processor Sesaco; cooperative coffee processor and exporter CECOFA; Clarke Farm, another coffee processor and exporter; food and beverage testing lab Chemiphar; moringa processor Raintree Farms; and egg processor Pristine Foods.