I&P makes a new investment in MadagascarSubmitted by Admin on Thu, 07/16/2020 - 11:01
Despite a global context strongly affected by the Covid-19 pandemic, the fund I&P Afrique Entrepreneurs 2 (IPAE 2) continues its investment activity and welcomes in its portfolio a new Malagasy company, SOAFIARY, operating in the agro-food sector.
A first investment in Madagascar for IPAE 2
Founded in 2006 by the Malagasy promoter Malala Rabenoro, SOAFIARY is specialized in the sourcing, processing and commercialization of cereals (maize, rice) and leguminous plants (beans, cape peas, lentils, soybeans) on local and international markets. The company employs nearly 200 people, including 88% women.
Backed by a good reputation in this sector, the company begins to diversify its activities in 2017. SOAFIARY has set up a feed mill unit and has also launched the SOADIO project, a contract farming project run in collaboration with the diocese of the Vakinankaratra region, located in the highlands of Madagascar. The company trains the farmers and provides them with the agricultural equipment and inputs needed to operate the 4,100 hectares of land owned by the Diocese, and then buys the entire production. This project is a response to the challenges of traceability and product quality.
The SOADIO project is one of the strategic axes of the partnership between Investisseurs & Partenaires and SOAFIARY, while a major part of the financing will be dedicated to the company's historical activity, enabling it to pursue its development strategy.
“At this point, SOAFIARY needed a strategic partner to keep moving forward. Making my way in the business world in Madagascar, especially as a woman, was an uncertain adventure. One of the keys to success is identifying a good partner, one that shares your strategic vision and works cooperatively with you to achieve your goal. SOAFIARY has found in IPAE2 an ideal partner: beyond the economic aspect, IPAE2 also focuses on social issues. "
Malala Rabenoro, founder and director of SOAFIARY
The company will be accompanied by the IPAE 2 team based in Madagascar: Mialy Ranaivoson, Investment Manager, in charge of the Madagascar office since 2012, and Era Andriambololona, who joined the team in 2019.
“Malala is a passionate and motivated entrepreneur. She started out on a 36€ loan when she launched her business. It is a very motivating partnership, which allows us to support a committed promoter and her entire team, making it possible for them to have a greater impact in this region where the literacy rate is extremely low.”
Mialy Ranaivoson, Investment Manager
IPAE 2 maintains its investment activity, despite the covid-19 pandemic
SOAFIARY is the first investment of the fund I&P Afrique Entrepreneurs 2 in Madagascar, a country where I&P has been operating since 2008 and now counts eight portfolio companies, including the microfinance institution ACEP Madagascar, the social enterprise Nutri'Zaza or the food processing company Scrimad.
With this new investment, IPAE 2 now includes 7 companies in its portfolio. The fund is pursuing an active pace of investment, targeting start-ups and SMEs in the development phase in Sub-Saharan Africa, requiring financing of up to €3 million.
The covid-19 health crisis, and the economic consequences that followed, makes it all the more necessary to support the African private sector, especially small and medium-sized enterprises on the continent. While continuing its investment activities, I&P's team is mobilizing with entrepreneurs to help them overcome this unprecedented crisis.