Goodwell Investments, an impact investing firm dedicated to promoting inclusive growth in emerging markets, is thrilled to announce its investment in SOUK Farms, a leading grower and exporter of fresh horticultural produce in Rwanda. The funding for this investment was provided through uMunthu II, a EUR 150 million fund by Goodwell Investments aimed at financing innovative, impact-driven small and medium-sized businesses in Africa. This strategic investment empowers the company to expand its sustainable agricultural business in Rwanda, creating resilient systems and value chains that benefit local farmers and the surrounding community.

Established in 2019, SOUK Farms has already made significant strides in Rwanda’s agricultural sector. The company has developed its own farming operations and collaborates with a vast network of outgrowers to cultivate and export high-quality exotic horticultural produce. Additionally, SOUK Farms serves the local Rwanda market with a unique blend of innovation and a steadfast commitment to enhancing the resilience of local farms against climate change and disruptive rainfall patterns.

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Partnering with Goodwell empowers SOUK Farms to pursue its ambitions on a larger scale. Seun Rasheed, Founder and CEO at SOUK Farms, expressed enthusiasm for the partnership, stating, “The opportunities to create sustainable agricultural practices and improve existing ones in Rwanda are great. Our partnership with Goodwell will drive a huge impact not only for the growth of SOUK Farms but also for the farmers and communities we work with. We will continue to offer solutions that improve incomes, create employment, and implement education and outreach programs for youth and women.”

SOUK Farms has been a key player in Rwanda’s socioeconomic transformation and has made a significant positive impact on the local agricultural supply chain. Working closely with over 1,200 farmers across Rwanda, they have substantially improved livelihoods, enabling farmers to earn over 300% more than they did prior to partnering with SOUK Farms. Remarkably, 71% of the company’s workforce consists of women, aligning with the Rwandan government’s national Agriculture policy, which promotes gender equality at all levels of the agricultural value chain.

The impact efforts and robust business model of the company align perfectly with Goodwell’s agricultural investment strategy, which seeks to improve value chains, reduce post-harvest losses, and enhance livelihoods for smallholder farmers.

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Judith Ngonyo, Investment Manager at Goodwell Investments, praised the leadership of Seun Rasheed and stated, “With this investment, we are also pleased to mark our entry into the Rwandan market, further expanding Goodwell’s presence in East Africa.”

This investment comes at a crucial time, enabling SOUK Farms to build upon its success, scale operations, and increase the productivity of Rwandan farmers. It also underscores Goodwell’s unwavering commitment to supporting companies that improve livelihoods and provide affordable, accessible, and high-quality goods and services to underserved populations.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard