Gaea Foods, a Kenyan potato-processing company, has received an undisclosed amount in financing from Pepea Fund in the form of venture debt to support small businesses to grow and broaden supply chains.
Pepea Fund, which is managed by Goodwell Investments on behalf of Oxfam Novib, was launched in 2023 to enable SMEs and early-stage firms to secure capital for expansion and empowerment of female entrepreneurs.Gaea Foods supplies peeled and cut potatoes to major restaurants across Nairobi.70% of its current 20-strong workforce are women, and the company intends to double its workforce in the coming year.“A year ago, when we introduced Pepea, we emphasized the fund’s focus on green, gender-forward investments. Our Impact SME Development Program has shown that female entrepreneurs are more likely to create a gender-balanced workforce and provide decent work conditions for their staff,” Tamara Campero, Investments Manager at Oxfam Novib, said.
Being in the market for more than a decade, the company has fostered valuable networks with potato farmers ranking it as a potential B2B enterprise. Apart from creating employment and product value addition, Gaea Foods converts potato peels into fertilizer and animal feeds to effectively get rid of the waste.
“My entrepreneurship journey started two decades ago and has been very dynamic ever since. This investment gives Gaea Foods the ability to keep evolving and source from more smallholder farmers. The work we do allows us to contribute to developing the economy, create jobs and improve the farmers’ quality of life. We are looking forward working closely with Goodwell and Oxfam Novib to benefit from their knowledge and expertise in SME development,” the Managing Director of Gaea Foods, Irene Mwangi said.
Goodwell intends to optimize Pepea Fund’s potential in the region, mirroring its West African investments. The investor partnered with Alitheia Capital to stake up the uMunthu II fund, which is valued at 150 million Euros.
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