Ground Up Investing Achieves $6M First Close for $20M Agribusiness Debt Fund II
The impact investment vehicle of Corus International targets small and medium agribusinesses across Sub-Saharan Africa and Latin America to drive $200 million in incremental smallholder farmer income.
WASHINGTON, D.C. — Ground Up Investing (GUI), the impact investing arm of non-governmental humanitarian and development organization Corus International, has achieved a $6.0 million first close for its second impact fund,Fund 2.
Anchored by parent entity Corus International, Fund 2 carries a target capitalization of $20.0 million to extend patient debt financing to agricultural small and medium-sized enterprises (SMEs) across Sub-Saharan Africa and Latin America.
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Capital Deployment & Impact Mandate
Fund 2 addresses the critical "missing middle" debt gap for high-growth agribusinesses whose capital requirements exceed micro finance limits but fall below commercial bank lending thresholds:
Debt Terms & Ticket Sizes: Provides two-year working capital loans ranging from $250,000 to $1.0 million.
Target Markets: Deploys capital across Kenya, Uganda, and Rwanda in East Africa, alongside Colombia, Peru, and Ecuador in Latin America.
Economic Off-Take Role: Targets intermediary agricultural enterprises that purchase crops directly from smallholder farmers, providing commercial market links and creating local processing and logistical employment.
Farmer Income Multiplier: Aims to generate $200 million in direct new income for smallholder farmers, a $10 return in additional farmer income for every $1 invested, while enhancing land management across more than 20,000 acres of farmland.
Historical Track Record & Fund 1 Performance
Established by Corus International in 2017, GUI provides flexible, patient financing to underserved rural value chain aggregators:
Fund 1 Deployment: GUI’s inaugural vehicle deployed $5.0 million across 15 agricultural enterprises.
Portfolio Realization: Portfolio companies paid over $50 million directly to farming families, created 800+ local jobs, and improved land management practices across 50,000+ acres.
Featured Portfolio Enterprise: Supported Ugandan coffee producer Mountain Harvest, which purchases directly from more than 3,000 farming households while paying a 30% price premium over baseline market rates.
Executive Statements
"This milestone reflects much more than dollars raised," stated Mark Muckerheide, Chief Executive Officer of Ground Up Investing. "It reflects growing confidence in the farmers, entrepreneurs and rural businesses that power local economies every day. Over the past several years, we've seen firsthand that when agricultural enterprises gain access to capital, farmers earn more income, businesses grow and communities become stronger. Fund 2’s north star is $10 in additional farmer income for every $1 we invest, and our vision is to create $1 billion in farmer income over the next ten years."
"Corus has spent decades working alongside farmers and rural communities around the world," addedDaniel Speckhard, President and Chief Executive Officer of Corus International. "Ground Up Investing has shown that when capital reaches local entrepreneurs, it creates opportunities that extend throughout entire communities. The strong response from investors reflects a growing recognition that rural businesses are not only engines of economic growth, but also essential partners in building more resilient and prosperous communities."
