Goodwell Investments, an impact investing firm dedicated to fostering inclusive growth in emerging markets, is excited to announce its recent investment in SOUK Farms. SOUK Farms is a prominent grower and exporter of fresh horticultural produce from Rwanda, and this investment is a significant step towards furthering their sustainable agricultural business in the region.
This funding was facilitated through uMunthu II, a 150 million EUR fund by Goodwell Investments that focuses on supporting scalable, early-growth stage businesses across Africa. With this investment, SOUK Farms is poised to expand its operations, establish resilient systems, and strengthen value chains that not only benefit local farmers but also uplift the surrounding community.
Established in 2019, SOUK Farms has quickly established itself in Rwanda’s agricultural landscape. Through its innovative approach and unwavering commitment to mitigating the effects of climate change and erratic rainfall patterns, SOUK Farms has successfully cultivated and exported high-quality exotic horticultural produce. This expansion has been achieved by integrating both their own farming operations and a wide network of outgrowers, allowing them to serve consumers in the local Rwandan market as well.
By partnering with Goodwell, SOUK Farms gains the essential capital needed to realize its ambitions on a larger scale. Seun Rasheed, Founder and CEO of SOUK Farms, emphasized the transformative potential of this collaboration: “Our partnership with Goodwell will drive a significant impact not only for SOUK Farms’ growth but also for the farmers and communities we work with. We are dedicated to offering solutions that enhance incomes, generate employment, and implement education and outreach initiatives for youth and women.”
SOUK Farms has been a driving force in Rwanda’s socioeconomic progress, significantly improving the local agricultural supply chain. Collaborating closely with over 1,200 farmers, they have substantially elevated livelihoods, enabling these farmers to earn more than 300% of their previous income as outgrowers for SOUK Farms. The company’s commitment to gender equality is evident, with 71% of their workforce being women, aligning with Rwanda’s national Agriculture policy.
The strategic synergy between SOUK Farms’ impact-driven efforts and its robust business model aligns seamlessly with Goodwell’s agricultural investment strategy. Goodwell is focused on enhancing value chains, reducing post-harvest losses, and creating better livelihoods for smallholder farmers.
Judith Ngonyo, Investment Manager at Goodwell Investments, highlighted the alignment of goals: “Under Seun Rasheed’s adept leadership, SOUK Farms envisions expanding their impact and productivity in a sector marked by growing demand. We are proud to support the company in this pivotal phase of growth and eagerly anticipate their ongoing innovations in agriculture. This investment also marks our entry into the Rwandan market, further solidifying Goodwell’s presence in East Africa.”
This investment arrives at a crucial juncture, propelling SOUK Farms to build upon its achievements, expand its operations, and enhance Rwandan farmers’ productivity. It reiterates Goodwell’s steadfast commitment to backing enterprises that enhance livelihoods and provide accessible, top-quality goods and services to underserved communities.
