Inua Capital in Uganda and Zira Capital in Mali make their first equity investments.

I&P's partner funds, Inua Capital in Uganda and Zira Capital in Mali, make their first equity investments. 

Inua Capital acquires a stake in Forna Health Foods Limited, while Zira Capital acquires a stake in Gama Conseils. 

Inua Capital in Uganda, invests in Forna Health Foods Limited, manufacturer of "Aunt Porridge" and its instant version "Instapo" porridge made with over 10 all-natural ingredients (no added preservatives), grown in Uganda (providing a market for thousands of Ugandan smallholder farmers) and rich in protein, vitamins and fiber for the nutrition of infants and children. This investment, in both equity and debt, will enable Forna Health Foods to extend its reach nationwide and increase its ability to source agricultural produce from small-scale farmers across the country.

Inua is also acquiring a stake in Equator Chocolate, a pioneer in the development of Ugandan cocoa, purchasing cocoa from small-scale farmers in Uganda to make artisanal chocolate. This investment, also in the form of debt and equity, will enable Equator Chocolate to triple its production and increase its capacity to source cocoa from local smallholders. 

Zira Capital in Mali has also made its first equity investment by acquiring a stake in Gama Conseils, a school and university complex comprising a dozen establishments ranging from nursery schools to universities.

This new partnership will enable Gama Conseils to modernize the equipment of vocational training schools, upgrade the training offered by universities and contribute to the expansion of the university network nationwide. Read more

An update on I&P's network of partner funds

Several news items are also to be reported from the other member funds of the network of funds sponsored by I&P through the IPDEV 2 financing vehicle.

Comoé Capital has announced the acquisition of stakes in two new companies: I-Garba, a restaurant chain specializing in the marketing and promotion of an Ivorian dish called garba, made from cassava semolina and served with fried tuna fish, and Espace Véritable Santé or EVS, a private medical establishment. To date, Comoe has invested in the capital of 13 Ivorian companies. Read more

11 start-ups have been pre-selected for the 3rd cohort of the Mitsiry start up program, a program run by Miarakap. These impact entrepreneurs, half of whom are women, will gather in Antananarivo for the back-to-school bootcamp from May 13 to 18, 2024. They will benefit from a full week of capacity-building on key entrepreneurship themes, and exchange sessions with Miarakap's network rich in expertise and values. Read more

Sinergi in Niger has teamed up with ImpactHER to organize a free online training course on digital communication. The course is designed to help women entrepreneurs master the use of a sales tool and boost their visibility on the Internet.  Read more

Teranga Capital, with the support of the Mastercard Foundation, and in partnership with Entrepreneurial Solutions Partners and Club Tiossane, launches the E4Y Program. With a total budget of $45.5 million over 6 years, this program aims to provide access to financing, skills, experts and shared services, as well as market access, for small and medium-sized enterprises operating in the agri-food and related sectors within the UEMOA region. Read more

About I&P Développement 2

Launched in 2015, IPDEV 2 is a unique investment capacity-building program in Africa aimed at creating, developing and sponsoring a dozen impact funds in several sub-Saharan African countries.

The funds sponsored by IPDEV 2 all share the same objective: to provide financing and support for growing small businesses and stimulate job creation. The fund network currently comprises seven funds: Comoé Capital (Côte d'Ivoire), Inua Capital (Uganda), Miarakap (Madagascar), Sinergi (Niger), Sinergi Burkina (Burkina Faso), Teranga Capital (Senegal), Zira Capital (Mali).  

Two funds in the process of being set up: Fako Capital in Cameroon, and Gola Capital in Guinea, will join the IPDEV 2 fund network later this year.