This is the fourth investment in Africa from Aavishkaar Capital’s USD 250 million GSC Support Fund
Aavishkaar Capital, a company of the Aavishkaar Group known for its entrepreneurship-led approach to impact-driven business growth, has announced its fourth investment in Africa in collaboration with KfW, the German state-owned investment and development bank. The investment has been facilitated by the Global Supply Chain Support Fund, providing a loan of USD 5 million to the Horizon Group Africa. This is the 8th overall investment by GSC Support Fund across the Global South and the fourth investment in Africa.
The Horizon Group aggregates and processes high value whole spices such as ginger, turmeric, cloves, cinnamon, cardamom and black pepper through its facilities in Nigeria, Tanzania, and Madagascar supplying markets in the EU, Asia, and the United States. The loan will be used to support Horizon’s working capital needs, particularly in the purchase of raw materials to better fulfil increased client orders.
The Global Supply Chain Support Fund is a USD 250 million fund focused on investments in Africa and Asia, with a mandate to deliver strong Environmental, Social, and Governance (ESG) outcomes while achieving both commercial returns and positive social impact. Its previous three investments in Africa include:
• Hela Apparel Holdings PLC: specializes in ethically produced apparel, offering end-to-end supply chain solutions with a strong focus on sustainability and innovation.
• Balaji EPZ: an apparel manufacturer with over two decades of experience producing for top global denim brands; and
• Privamnuts: a leading Kenyan processor and exporter of macadamia nuts serving customers across Europe, the USA, and the Far East.
The Horizon Group was originally founded in 2006 in Nigeria, operating trading businesses across agrocommodities, processed foods and furniture. In 2017, the group decided to focus on sourcing, processing and exporting high value spices grown across three leading spice-producing African countries; Nigeria, Tanzania, and Madagascar. These countries offer competitive advantages in the cultivation of spices such as ginger, turmeric, cloves, cinnamon, cardamom, and black pepper due to their favourable climate and soil conditions and have historically been one of the largest producers of these spices.
Horizon processes both organic and conventional spices. The growing global awareness and demand for organic food has increased the market for organic spices, enabling the company to command better prices and margins. Horizon has direct relationships with over 3,000 farmers, maintaining strong oversight of their farming operations. The company also provides farmer training in good agricultural practices to expand organic cultivation. Additionally, it has organized the farmers into cooperatives to ensure organic certification and full traceability.
“We are pleased to partner with Aavishkaar Capital as we embark on the next phase of our growth journey. Their experience in scaling businesses, strengthening governance systems, enabling access to global customer markets, and unlocking capital will be invaluable as we build Horizon into the leading African spice processing company” said Jomy Antony, CEO of Horizon Group.
Commenting on the investment, Darren Lobo, Director at Aavishkaar Capital, said: “We are delighted to partner with the Horizon Group’s exceptional management team, which brings over 80 years of combined expertise in spice growing and trading, to build one of Africa’s largest spice processing companies. We deeply value Horizon’s impactful farm extension works with more than 3,000 farmers across remote regions of Tanzania, Madagascar, and Nigeria, as well as the strong, long-term relationships they have cultivated with top global customers over the past 5–8 years.”
Dr. Markus Aschendorf, Head of Division at KfW, added, “Our investment in the Horizon Group through the Global Supply Chain Support Fund reflects KfW’s commitment to strengthening sustainable supply chains across Africa and in Asia. We believe that purpose-driven capital can catalyze meaningful ESG transformation while unlocking inclusive growth. Horizon’s work in ethical sourcing and regenerative agriculture aligns with our vision for resilient, ecologically conscious businesses that are ready to meet global standards and thrive in international markets.”
About Aavishkaar Capital:
Aavishkaar Capital is an Impact fund manager focused on the Global South. A pioneer in taking an entrepreneurship-based approach to scaling businesses for impact, Aavishkaar Capital’s unique approach has resulted in its invested enterprises impacting over 136 million lives. Aavishkaar Capital invests in sectors such as Sustainable Agriculture, Financial Inclusion and Essential Services across India, Emerging Asia, and Sub-Saharan Africa. Aligned to 13 out of the 17 Sustainable Development Goals, Aavishkaar Capital has raised eight funds, while generating commercial returns with over c. $550 million in assets under management.
Website: www.aavishkaarcapital.in
About Aavishkaar Capital’s Global Supply Chain Support Fund:
Global Supply Chain Support Fund is a $250 million managed by Aavishkaar Capital targeting highly impactful businesses operating in global supply chains. The fund primarily invests in non-diluting self-liquidating structures to meet the growth needs of SMEs across Asia and Africa. Website: www.gscsupportfund.com
For more details, you can write to us at [email protected]
About KfW:
KfW Development Bank has supported the German Federal Government in achieving development and international cooperation goals for over 50 years. KfW acts both as an experienced bank and a development institution, combining financial expertise with deep development policy knowledge. On behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), KfW finances and supportsprograms and projects in developing and emerging economies—from inception to implementation and performance tracking. KfW’s mission is to help partner countries fight poverty, maintain peace, protect the environment and climate, and shape globalization responsibly.Website: www.kfw-entwicklungsbank.de
About Horizon Group:
The Horizon Group sources and processes whole spices in Africa for export to the EU, Asia, and the US.
The company operates across Nigeria, Tanzania, and Madagascar, enabling year-round sourcing and production while reducing agricultural risk linked to crop seasonality. The company specializes in processing key spices like ginger, turmeric, cardamom, cinnamon, cloves and black pepper. Horizon Group works directly with over 3,000 farmers. Its robust sourcing network ensures high-quality produce while eliminating intermediaries, resulting in improved margins and transparency. For more write to www.horizonmaxme.com
