Goodwell Makes Undisclosed Investment In SOUK Farms To Revolutionize Agriculture In Rwanda

Goodwell Makes Undisclosed Investment In SOUK Farms To Revolutionize Agriculture In Rwanda
Photo by Adele Payman / Unsplash

Goodwell Investments, an impact investing firm, has announced making an undisclosed investment in SOUK Farms, a prominent grower and exporter of fresh horticultural produce from Rwanda. This investment will help SOUK Farms expand its operations, establish resilient systems, and strengthen value chains that benefit local farmers and the surrounding community.

uMunthu II, a $150 million fund by Goodwell Investments that focuses on supporting scalable, early-growth stage businesses across Africa facilitated the investment. 

SOUK Farms was founded by Seun Rasheed in 2019 and has quickly established itself in Rwanda’s agro sector. The startup has successfully cultivated and exported high-quality exotic horticultural produce through its innovative approach and unwavering commitment to mitigating the effects of climate change and erratic rainfall patterns.

Commenting on the round, Seun Rasheed, Founder and CEO of SOUK Farms, emphasized the transformative potential of this partnership, “Our partnership with Goodwell will drive a significant impact not only for SOUK Farms’ growth but also for the farmers and communities we work with. We are dedicated to offering solutions that enhance incomes, generate employment, and implement education and outreach initiatives for youth and women.”

SOUK Farms has been a driving force in Rwanda’s socio-economic progress, significantly improving the local agricultural supply chain. Collaborating closely with over 1,200 farmers, they have substantially elevated livelihoods, enabling these farmers to earn more than 300% of their previous income as out growers for SOUK Farms. The company’s commitment to gender equality is evident, with 71% of their workforce being women, aligning with Rwanda’s national Agriculture policy.

The strategic synergy between SOUK Farms’ impact-driven efforts and its robust business model aligns seamlessly with Goodwell’s agricultural investment strategy. Goodwell is focused on enhancing value chains, reducing post-harvest losses, and creating better livelihoods for smallholder farmers.

Judith Ngonyo, Investment Manager at Goodwell Investments, highlighted the alignment of goals: “Under Seun Rasheed’s adept leadership, SOUK Farms envisions expanding their impact and productivity in a sector marked by growing demand. We are proud to support the company in this pivotal phase of growth and eagerly anticipate its ongoing innovations in agriculture. This investment also marks our entry into the Rwandan market, further solidifying Goodwell’s presence in East Africa.”

This investment arrives at a crucial juncture, propelling SOUK Farms to build upon its achievements, expand its operations, and enhance Rwandan farmers’ productivity. It reiterates Goodwell’s steadfast commitment to backing enterprises that enhance livelihoods and provide accessible, top-quality goods and services to underserved communities.