Gaea Foods Limited, a leading potato-processing company based in Nairobi, Kenya, has secured a new undisclosed investment from Pepea, an impact investment fund established by Oxfam Novib and managed by Goodwell Investments. This strategic investment is aimed at providing Gaea Foods with the necessary working capital to meet increasing demand from both new and existing customers, while also enhancing local value chains, improving the incomes of smallholder farmers, and empowering women stakeholders.
Founded in 2009 by Irene Mwangi, who serves as the CEO and Managing Director, Gaea Foods has steadily grown to become a key player in Kenya’s potato processing industry. With over 20 years of experience in the sector, Mwangi has leveraged her extensive network within the industry, connecting B2B buyers with potato farmers and aggregators. Under her leadership, Gaea Foods initially focused on trading whole potatoes but later transitioned into processing peeled and cut potatoes, supplying major fast-casual restaurants in Nairobi, including Steers and Nando’s.
The investment from Pepea is expected to significantly boost Gaea Foods’ operations. The company plans to double its workforce from 20 to 40 employees within the next year, further strengthening its capacity to meet growing market demand. Gaea Foods’ commitment to sustainable practices, such as converting potato peelings into fertilizer and animal feed, has also been highlighted as a key factor in the investment decision.
“We are thrilled to receive this investment, which will enable us to continue our journey of growth and innovation,” said Irene Mwangi. “This funding will allow us to source more potatoes from smallholder farmers, contributing to the local economy, creating jobs, and improving the quality of life for our farmers. We are excited to work closely with Goodwell and Oxfam Novib, leveraging their expertise in SME development to take Gaea Foods to the next level.”
Gaea Foods has consistently demonstrated its commitment to creating a positive impact on the community. The company is female-led, with 70% of its staff being women, and it has established a robust supply chain involving smallholder farmers across Kenya. This aligns with Pepea’s mission to support companies that are contributing to a greener, fairer, and more inclusive society.
Anne Ngugi, Senior Investment Manager at Goodwell, emphasized Gaea Foods’ alignment with Pepea’s investment mandate, stating, “Gaea Foods is a showcase for Pepea’s ‘fair, green, and inclusive’ investment mandate. The company’s leadership and commitment to sustainable practices are exemplary, and we are confident that this investment will enable Gaea Foods to make an even greater impact.”
The Pepea fund, launched in 2023, is designed to cater to the specific needs of early-stage companies in East Africa, particularly those that face challenges in securing traditional financing. With a focus on female-led businesses and green investments, Pepea aims to create a more equitable and inclusive ecosystem in the region.
Tamara Campero, Investments Manager at Oxfam Novib, expressed her excitement about the partnership with Gaea Foods, noting, “We are proud to announce our first investment in a company that not only aligns with our values but also demonstrates a strong commitment to gender equity and sustainable development. By supporting Gaea Foods, Pepea is helping to build a brighter future for smallholder farmers and women in Kenya.”
This investment marks a significant milestone for Gaea Foods and Pepea, setting the stage for continued growth and positive impact in Kenya’s agricultural and food processing sectors. As Gaea Foods continues to expand, the company remains committed to its core values of sustainability, community empowerment, and gender inclusivity.
