Root Capital raises $35mln expansion fund
Tuesday, 30 March 2021 16:50
US investor Root Capital, which targets agricultural businesses in sub-Saharan Africa, has mobilized financing of $35 million with the US development bank DFC to pursue its activity.
The company founded in 1999 by Willy Foote is seeking to expand in the eastern part of the continent, specifically in Uganda, to support farmers in adopting climate-smart agricultural practices; and in the Democratic Republic of Congo (DRC), a central African country, to finance coffee farmers.
"This investment allows Root Capital to reach the most impactful, underserved rural businesses while mitigating risks inherent to the agricultural sector,” said Root Capital’s Chief Financial Officer, Bryan Woliner.
In sub-Saharan Africa, the financing gap for agricultural businesses is estimated at $65 billion, according to data compiled by the Development Finance Corporation- DFC. In 2020, Root Capital tripled its investments in Uganda's coffee production sector to offset reduced commitments in Kenya and Rwanda.
Root Capital will also make additional commitments in Latin America and Southeast Asia.
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