Voxtra East Africa Agribusiness Fund


Last updated 12 May 2020, by Impactyield.

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The Voxtra East Africa Agribusiness Fund will invest growth capital in commercially viable but capital-constrained agribusinesses that reach out to smallholder farmers.

Among the shareholders are institutional investors such as Norfund, Gjensidigestiftelsen, Grieg International and Kavlifondet, as well as private individuals in Scandinavia. Norfund, the government-owned development finance institution, is the anchor investor with a 30% share.

Financial description

Markets for food and agricultural commodities in East Africa are often undersupplied and growing quickly in tandem with the region’s strong economic development. This provides opportunities for established as well as early-stage companies. The Voxtra East Africa Agribusiness Fund targets companies with significant potential for further growth, established track-record, reputable managers and willingness to adhere to high standards of financial reporting and governance. The Fund focuses primarily on Kenya, Tanzania and Uganda, but its mandate also covers six other countries from Ethiopia in the north to Mozambique in the south.
The Fund is denominated in Norwegian kroner. The fund size is equivalent to $18 million, and Investments range from $500k to 3 million.

8 years

of track record


the year funded

110,000,000 NOK


Asset manager

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Universal access to safe and nutritious food

Key performance indicators

Fund overview

Asset manager: Voxtra East Africa Agribusiness Fund

Product track record: Fund has 8 years of track record

Target IRR: n.a.

Committed Capital: n.a.

Target return category: Below risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: , ,

Inception year: 2015

Vintage year: n.a.

Target region: , ,

Target close date: n.a.

Product term: 11 years +2x 1-yr ext

Assets under management: 110,000,000 NOK (Norwegian Krone)

Investment size: Min: 3,000,000; Max: 18,000,000; Avg: 0

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 3

Fund investments to date exited or repaid: 0

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: No

Limited Partners / Investors: Norfund, Gjensidigestiftelsen, Grieg International, Kavlifondet, HNWIs

Limited Partner / Investor Type: Development Finance Institution (DFI), Family Office


E-mail: mh@voxtra.com 

Website: http://www.voxtra.org/

Phone number: +47 9756 8485

If you wish to have your details removed from this database please email gdpr@impactyield.com

Anthony Gichini

Senior Investment Manager

Hans Furuholmen

Investment advisor

Pål Dale

Managing Director

Impact Performance


Impact thesis

Smallholder farmers in Africa achieve yields that are significantly below the global average. As an example, for maize (corn) which is the most important smallholder crop in the region, African smallholders achieve 1-2 metric tons per hectare, while professional farmers in Africa record harvests of more than 10 tons per hectare. This shortfall is partly explained by poor access to quality inputs, and poor access to markets that enables farmers to profit from additional investments to boost production.
The Voxtra East Africa Agribusiness Fund will invest in 6-10 small and growing enterprises in East Africa that provide improved inputs, processing capacity or market access to smallholder farmers. With a backdrop of high growth rates and increased political stability, Voxtra finds the region’s agribusiness sector both an attractive investment area and an effective means of addressing these serious shortcomings in smallholder farmer livelihoods. Voxtra’s investments are expected to significantly strengthen the incomes and food security of more than 200,000 smallholder farmers. For more information on Voxtra’s theory of change and impact targets, please contact Pål Dale at pd@voxtra.org.
The Fund has a Technical Assistance Facility of NOK 9.3 million ~USD 1.6 million) sponsored by Norad, the Norwegian bilateral donor agency. The facility can be used to support portfolio companies of the Fund to improve business processes.

Impact Management


Financial benchmark

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