Global Agtech Company Invests USD 2.25 Mn in Kenyan Agrifirm Sidai Africa
United Kingdom based farming and food company Denevish has announced USD 2.25 Mn investment in a Kenyan agrifirm Sidai Africa.
Sidai Africa Ltd supplies agrichemicals products, fertilizers, and seeds, as well as provides livestock and agricultural services for pastorals and farmers. It has a unique delivery model that enables the company to reach some of the country’s most remote areas.
The investment by Devenish will enable the Kenyan company to further expand its distribution network, unveil new products and reach even more farmers across Kenya.
Denevish’s executive vice-chairman, Peter Wallace said the investment is part of the company’s long-term growth strategy in developing markets.“As a business, we are particularly focused on sustainable farming and food production and this new partnership will enable us to make a difference by improving the livelihood of small-scale farmers across Kenya.”
“We would like to acknowledge the support provided by AHL Venture Partners, the Bill & Melinda Gates Foundation, US Aid, and all other stakeholders, and we very much look forward to working closely together in the future.”
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Michael Maguire, East African director at Devenish said: “Sidai has already had a very positive impact on the local farming community and I hope that this investment, coupled with our commercial input, innovation and nutritional expertise, will help the company grow further and reach even more farmers and pastorals across Kenya.”
Sidai was established in 2011 with the support of Bill and Melinda Gates Foundation and Farm Africa. It was established in a bid to help help improve sustainable agriculture. The company has over time grown and expanded and now has 11 stores, 87 franchisees and 120 employees.
Richard Macdonald, chair of Farm Africa stated, “Farm Africa started Sidai and helped grow it into the sustainable enterprise that it is today. Devenish will supercharge Sidai’s growth, bringing world-class animal nutrition expertise to the Kenyan market. The deal is excellent news for both Devenish and farmers working across Kenya, more of whom will gain access to life-changing services and products.”
Featured Image Courtesy: Inspirafarms.com
