Jacoma Estates Limited was founded in 2007 by a group of private investors. In 2008, Jacoma’s Malawian subsidiary, Tropha Estates Limited was incorporated and started operations. In 2014, the Company, realising the need for irrigation, partnered with Pearl Capital Partners, through the African Agriculture Capital Fund, and AgDevCo, through its Malawian operation, to invest in irrigation and accelerate the development of the Company and its social impact through the farming networks it had developed.
2017 has marked another milestone in the business with a second funding round which has seen CDC Group plc invest $8m alongside a further $3.5m from AgDevCo and $0.5m from AACF. The new funding will assist Jacoma to expand its production base and further support small holder farmers through building stronger market links.
African Agricultural Capital Fund (AACF)
AACF is managed by Pearl Capital Partners (PCP) which, together with its wholly- owned advisory company, PCP Uganda Ltd, is an independent investment fund manager specializing in investing risk capital in Small and Medium-sized Enterprises (SMEs) operating in the agriculture value chain in eastern & southern Africa. AACF’s investors are the Rockefeller Foundation, the Bill and Melinda Gates Foundation, the Gatsby Charitable Foundation and JP Morgan Chase Social Finance. AACF has invested in high growth businesses in the agricultural value chain in Kenya, Uganda and Malawi, and offers the invests technical assistance through a facility financed by the United States Agency for International Development (USAID), Uganda.
AgDevCo is a social impact investor and project developer operating exclusively in the agriculture sector in Africa. Our mission – to reduce poverty and improve food security – is underpinned by our belief that the best route out of poverty for the majority of Africa’s rural poor is the development of profitable agriculture with strong links to markets.
We invest in socially-responsible businesses, operating across the supply chain, which have the potential to make a major positive social impact in their communities. In addition to direct investment, we provide on-the-ground technical support and specialist agricultural advice to management teams.
CDC Group plc
CDC is the UK’s development finance institution. Its mission is to invest in businesses in Africa and South Asia to help them grow and create the jobs that will make a lasting difference to people’s lives. To do this, CDC prioritises investing in sectors where growth leads to jobs, either directly or indirectly in the wider economy. These sectors are food and agriculture, manufacturing, infrastructure, health, education, financial institutions and construction. In 2016, the businesses CDC invested in helped create nearly 1.3 million new jobs.