Good Nature Agro (GNA), a Zambian tech-enabled for-profit social enterprise, has secured $8.5 million in a Series B funding round led by Goodwell Investments. Other participants in the round include social impact investing cooperative Oikocredit and Global Partnerships/Eleos Social Venture Fund (GP SVF). Goodwell Investments also led a $2.1 million Series A funding round in 2020.
Founded in 2014, Good Nature Agro is a tech-enabled for-profit social enterprise that believes in farmer-centric impact and values personal, face-to-face relationships. The company dedicates itself to aiding smallholder farmers in the southern African region, particularly within economically challenged communities, to cultivate and sell premium legumes.
Good Nature Agro presently assists approximately 30,000 smallholder farmers in the southern African region, focusing on the cultivation of legume seeds that are resilient to drought and mature early, such as beans, cowpeas, soybeans, and peanuts. Their agritech-centric business strategy provides a comprehensive package that includes the provision of agricultural inputs, financing for these inputs, intelligent and minimal use of fertilizers, education on climate-resilient farming practices, and an assured marketplace for premium crops. This multi-faceted support system is designed to help farmers professionalize their operations and carve a definitive route towards economic upliftment.
GNA intends to use this new capital to expand its customer base to 50,000 farmers by the year 2027. The company is also set to enhance its interactions with existing clients, bolster the integration of comprehensive farm income strategies, introduce new crop varieties for increased yield and robustness, and continue to innovate with the aim of maintaining its clients as the focal point within the agricultural value chains.
Neo Maruatona Ratau, Investment Director at Goodwell Investments, is optimistic about Good Nature Agro’s (GNA) trajectory, noting, “Since our initial backing, GNA’s expansion has been commendable. Their ability to couple solid financial performance with profound social impact is a testament to their farmer-focused model that successfully incorporates smallholders into the broader agricultural ecosystem. We’re thrilled to join forces with Oikocredit and Global Partnerships in advancing GNA’s next growth stage, which promises to harness digital and financial inclusion synergies alongside targeted strategic growth endeavors.”
Samuel Kibiri, Oikocredit’s Equity Officer for Africa, shares in the enthusiasm for GNA’s mission, adding, “Partnering with Good Nature Agro paves the way for Oikocredit to aid more African farmers in low-income brackets to better their livelihoods through enhanced agricultural yields and market connectivity. We’re eager to co-invest with fellow investors who share our vision in a business that’s dedicated to uplifting farmers from poverty.”
Jim Villanueva, Managing Director of GP SVF at Global Partnerships, reiterates faith in GNA’s capabilities, stating, “Having been a part of GNA’s journey since their seed round in 2018, we’ve observed their adaptability and growth, empowering farmers to augment and diversify their earnings amidst the challenges of climate change and gender disparities. We take pride in the milestones achieved so far and are excited to back GNA as they embark on this new phase of growth and impact.”
Carl Jensen, CEO of Good Nature Agro, reflects positively on the recent funding, saying, “Good Nature has transcended typical agribusiness limitations by engaging the entire value chain – from farmers and aggregators to processors and consumers – and delivering exceptional service with a blend of technology and direct field presence. We warmly welcome Oikocredit as our newest investor, affirming our methods and potential, and we are equally thankful for the continued trust and partnership of our longstanding investors, Goodwell and GP SVF, in this latest investment round.”
