Uganda

Pearl of Africa Cheese (POA) is a dairy processing company that produces a range of cheese products in Uganda. It started operations in 2012 and was registered in 2020 by the founding team Paul Ainebyona, Adrine Atuhaire and Peninah Ayebare. Starting as a cheese trader improting produce from Rwanda, the business today has its own production facility and processes over 300kgs of cheese a day with 9 SKUs. 

The entrepreneur 

Paul Ainebyona is the Managing Director and co-founder of Pearl of Africa Cheese. Having grown up in a cattle-keeping family in Western Uganda, he began selling cheese and dairy products for a friend importing produce from Rwanda in 2012. This gave Paul a strong understanding of the dairy market and ignited a lifelong passion for business.  Once he gained confidence in his ability to market, he raised funds from his older siblings Adrine and Peninah and began importing cheese from Rwanda and selling it locally. He later ventured into processing cheese locally once demand picked up considerably. 

Partnership with I&P and Inua Capital 

Pearl of Africa is supported by I&P FARM, a €4 million program aimed at financing and supporting startups and SMEs in Sub-Saharan Africa within the agricultural value chain. The program is backed by Proparco and is implemented and managed by Inua Capital in Uganda and Kenya. 

This partnership will enable the startup to: 

• Finance the purchase of a lactoscan milk analyser to enhance quality control 
• Purchase of a cheese vat to increase production capacity 
• Provide sufficient working capital to satisfy existing markets 
• Support business formalization efforts 

APA Original Kisubi Tea Limited is a Ugandan beverage company that manufactures a variety of flavoured teas. The origins of this company date back to 2007, when the founder conducted a research trip with smallholder farmers in Mpigi District and was enthused with the idea of flavouring locally available beverages. This led to the birth of APA Tea in 2011 its flagship product, Kisubi Tea, a lemongrass-infused loose-leaf black tea. From humble beginnings with one product offering, the business, today, has a production facility located in Kampala and has expanded its product offerings to 29 SKUs. 

The entrepreneur

Anthea Ibembe is the COO of APA Tea and its de facto chief executive. She has over 10 years of experience in tea spicing and manufacturing, having joined the company while completing her undergraduate studies. Today, at 28, she has earned the company’s leadership, and as Chief Operating Officer continues to guide the company to greater heights. Anthea holds an undergraduate degree in Journalism and Communication from Makerere University and a postgraduate degree in Marketing from Edinburgh Business School and is a 2025 Mandela Washington Fellow. 

Partnership with I&P and Inua Capital 

APA Tea is supported by I&P FARM, a €4 million program aimed at financing and supporting startups and SMEs in Sub-Saharan Africa within the agricultural value chain. The program is backed by Proparco and is implemented and managed by Inua Capital in Uganda and Kenya. 

This partnership will enable the startup to: 

• Finance the purchase of a single-use laminate tea bagging machine to open new markets within the hospitality sector 
• Provide a working capital buffer to service new markets 
• Support business formalisation efforts 

Africa Spices Limited is a Ugandan agro-processing company that manufactures, markets and distributes spices and seasoning mixes. The company processes herbs and vegetables into ready-to-use mixes for your everyday seasoning needs in the kitchen offering a wide array of selections to match all your cooking and flavouring requirements. Today, Africa Spices has distribution routes covering each major region in Uganda: Central, Northern and Eastern and has grown to ~29 SKUs packaged in 50 g and 100g containers. 

The entrepreneur

Africa Spices was co-founded by Johnpaul Ssengendo, a small-scale farmer and passionate entrepreneur with strong ambitions. While working as an insurance agent with UAP, he visited Zanzibar (Tanzania) and was impressed by the depth and vibrancy of its spice market. Inspired by this visit, he started Africa Spices with Michael Kibuuka – a former classmate in high school and a food scientist working in spice production – using his farm as the source and leveraging output from neighbouring farms. He holds a Diploma in Business Administration from Makerere University.  

Partnershup with I&P and Inua Capital

Africa Spices is supported by I&P FARM, a €4 million program aimed at financing and supporting startups and SMEs in Sub-Saharan Africa within the agricultural value chain. The program is backed by Proparco and is implemented and managed by Inua Capital in Uganda and Kenya. 

This partnership will enable the startup to: 

• Finance the purchase of a mixer and grinder machine to improve efficiencies in production 
• Provide sufficient working capital to pursue new markets 
• Support business formalization efforts 

Karaa Solutions Limited is a homegrown technology company that is committed to providing affordable and sustainable energy and transportation solutions to entrepreneurs, businesses and communities in Africa and beyond. Karaa Solutions has a vision to become the leading provider of energy solutions in Africa, empowering a new generation of entrepreneurs and businesses to pursue their dreams and build a brighter future for themselves and their communities.

The entrepreneur

Karaa Solutions was created in 2023 by Godfrey Mutabazi a young Ugandan entrepreneur.

Geofrey Mutabazi is the Co-founder and CEO of Karaa. He is an emerging leader passionate about unlocking Africa’s economic potential through entrepreneurship. Geofrey started his first business selling software and video games at 14 and has since launched and run various businesses. He graduated with a Bachelor’s Degree in Business Administration in December 2019 and has 7 years of experience in enterprise and government ICT solution sales. He was the 2018-19 Campus Director of the Hult Prize at ISBAT University, an organization launching the next wave of social entrepreneurs across the world and formerly the 2019-2020 Hult Prize community builder for Uganda, recruiting supporting local universities and change-makers to organize On-Campus initiatives. He is a Global Shaper with the Kampala Hub of Global Shapers Community, an initiative of the World Economic Forum and the 2020-2021 Vice Curator of the Global Shapers Kampala Hub.

Partnership with I&P et Inua Capital

Karaa Solutions is supported by I&P Digital Energy, a €4.8 million program aimed at financing and supporting 12 startups and SMEs in Sub-Saharan Africa that offer digital solutions for access to affordable energy. The program is backed by the AFD (French Development Agency) and the EU. In Uganda, the implementation of this program is managed by Inua Capital.

This partnership will enable the startup to:

• Finance the purchase of conversion kits to expand its local presence and tap into B2B market segments
• Incorporate its battery management system in existing products and pilot the lease to own model
• Support business formalization efforts

Forna Health Foods is a female-founded and female-led social business that manufactures Aunt Porridge and Instapo!, healthy, nutritious (and delicious!) porridges that are targeted at helping weaning infants, children, breastfeeding mothers, immune-compromised patients (and even the entire family) access essential nutrition to thrive when they need it the most! 

Forna Health Foods are the makers of Aunt Porridge and its instant porridge version (Instapo!) – this essential breakfast staple and its 10+ ingredients are all-natural (no added preservatives), homegrown in Uganda (providing a market for 1,000s of smallholder Ugandan farmers) and are jam-packed with protein, vitamins and fibre (unlike single grain porridges made from millet or maize) to boost infant and child nutrition.

Partnership with Inua Capital

Inua Impact Fund has invested equity and mezzanine financing into Forna Health Foods to scale its reach nationwide and expand its ability to source farm produce from smallholder farmers across Uganda. 

Together with Inua Capital, Forna Health Foods will scale its product reach across the country and beyond, increase and improve its product offerings, further mechanize its production processes and make an indelible imprint on the health and nutrition of Africa’s children and families for years to come!

Equator Chocolate is a paragon of artisanal mastery and distinction within Uganda’s chocolate landscape. Established in 2018, Equator Chocolate is a pioneer in adding value to Uganda’s cocoa (in place of exporting the raw commodity), buying cocoa from smallholder farmers in Uganda to manufacture dark, milk and white craft chocolate loved by local consumers and corporate kitchens alike, and customized for special occasions and premium brands across East Africa.

Equator Chocolate manufactures white, milk and dark craft chocolate from organic and sustainably-grown Ugandan cocoa. Equator’s chocolate is internationally award-winning, winning a bronze medal at the 2023 Agency for the Valorization of Agricultural Products (AVPA) International Gourmet competition in Paris.

Equator serves a wide range of customers: from hotels, lodges and high-end brands seeking to give their discerning clients a delectable taste of Uganda; to ethical consumers in export markets (predominantly Europe) where it retails with high demand; to bakers, chocolatiers, cafes and other corporate kitchens across East Africa whose products require high-quality chocolate; to local individual consumers that pick up an Equator Chocolate off the shelf to satisfy a craving or celebrate a special occasion. 

Partnership with Inua Capital

Inua Impact Fund has invested equity and mezzanine financing into Equator Chocolate to scale its production by over 3x and expand its ability to source cocoa from local smallholder farmers at a premium price. 

Inua’s investment in Equator Chocolate intends to put Ugandan chocolate on the map! (no pun intended)

Innovex is a Ugandan company that has developed a smart meter coupled with an IoT solution that bridges the gap between solar energy providers/distributors and their last mile customers by giving the ability to remotely monitor, manage and turn on/off installed solar systems. This solution can be deployed in a variety of solar energy systems such as home systems, water pumps, cold chain storage and transportation systems, etc.

The entrepreneurs

Finance Trust Bank (FTB), one of the oldest MFIs in Uganda, started its operations in 1984. The company is licensed and regulated by Bank of Uganda as a Micro Deposit Taking Institution (MDI) and is recognized as a key player and part of Uganda’s formal financial sector.  FTB has 36 interconnected branches positioned all over the country and serves over 140,000 customers with a variety of savings and loan solutions including business loans, salary loans, school fees loans, savings accounts, fixed deposits and a money transfer service through Western Union Money Transfer.

Its mission is to provide valued relevant financial services to low and medium income people, especially women, for poverty reduction with a focus on excellent customer service and accessibility.

THE ENTREPRENEUR

Anne Nakawunde is the Managing Director of Finance Trust Bank. Anne is a banker by profession with over 10 years’ practical experience in Banking and Microfinance. Previously she has worked in various capacities, at Finance Trust Bank as Head of Operations and Operations & Compliance Manager. Prior to Finance Trust Bank, Annet held various key positions at Pride Microfinance and Nile Bank Ltd.

holds a Master of Business Administration from Makere University, Kampala, with a major in finance. The Women’s World Banking network in New York recognized her as the "Financial Woman of the Year" in 2008.

PARTNERSHIP WITH I&P

I&P comitted alongside with FTB

• To bring strategic support

• To lead the operational comittee at the Board of Directors

KEY IMPACTS

• Access to credit and saving services for a large part of the population

• 173 743 individuals capitalize their savings at UFT

• 22 700 borrowers had their businesses funded in 2012