AgDevCo Ventures Invests $3.0M in Ugandan Agro-Processor Newman Foods

Kampala — AgDevCo Ventures, the early-stage investment arm of specialist pan-African agricultural investor AgDevCo, has completed a US$3.0 million (~UGX 12.3 billion / €2.67 million) mezzanine loan investment in Ugandan agro-processor Newman Foods Limited ('Newman's').

The capital injection will enable the Kampala-headquartered business to scale up manufacturing capacity, broaden its range of value-added snack and processed food products, and bring more smallholder farmers into its commercial supply chain across East Africa.

Expanding Local Value Addition & Smallholder Integration

Founded and led by Managing Director Ssegujja Nasser, Newman Foods processes locally grown Ugandan crops into value-added consumer foods and packages fresh fruits and vegetables. The company acts as a primary market aggregator, sourcing raw agricultural inputs from over 3,000 smallholder farmers nationwide and supplying thousands of formal retail chains and informal market vendors.
The mezzanine debt facility will expand Newman's processing operations to capture rising regional demand for locally produced, affordable consumer foods while strengthening food security and rural farm incomes.

"What Nasser has achieved in building Newman's, a locally owned business with deep roots in Ugandan farming communities, is genuinely impressive. We look forward to working closely with the management team as they scale up production and increase accessibility of affordable, quality foods in Uganda and across the region."
— Christine Mwangi, Head of AgDevCo Ventures

Early-Stage Agri-SME Capital Deployment

AgDevCo Ventures operates as a specialized early-stage vehicle backed by first-loss capital and concessional funding from international development finance partners. The fund deploys ticket sizes ranging from US$1 million to US$3 million into high-potential agri-SMEs across East Africa, focusing explicitly on Black African-owned, female-led, and locally rooted agribusinesses.

"This investment is a vote of confidence in what Ugandan farmers and a Ugandan brand can build together. It gives us the capacity to meet growing demand, to buy more from the thousands of farmers who supply us, and to put more wholesome, Ugandan-made snacks on the table. AgDevCo Ventures understands agribusiness and shares our long-term view, and that makes them the right partner for our next stage of growth."
— Ssegujja Nasser, Managing Director of Newman Foods Limited

Transaction Advisory

Legal counsel for the transaction was provided by ENS (Uganda) representing AgDevCo Ventures, and BNM Advocates advising Newman Foods Limited.

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