[Kenya] Devenish invests $2.25 million in Sidai Africa
Global agri-technology company, Devenish, has announced a $2.25 million investment in Kenyan company, Sidai Africa Ltd.
Sidai Africa Ltd supplies crop and livestock services to farmers throughout Kenya with a unique ‘last-mile’ delivery service model which enables the company to reach some of the country’s most remote areas.
Up to a quarter of livestock die every year in Africa due to preventable diseases. By improving access to livestock products and services, Sidai helps farmers keep their herds healthy, which Devenish said helps increase income and financial security.
Devenish said its investment, which "fits in with its long-term growth strategy in emerging markets", will enable Sidai to further expand its distribution network, launch new products and reach even more farmers across Kenya.
“Sidai was established in 2011, with the support of the Bill and Melinda Gates Foundation and Farm Africa, to help improve sustainable agriculture in Kenya. “From a standing start, we’ve grown significantly over the past eight years and now have 11 stores, 87 franchisees, and directly employ over 120 people. Our mission is to enable every small-scale farmer in Kenya to produce food in a predictable and profitable way, and this investment will help us to achieve our goals,” Dr. Christie Peacock Founder of Sidai said.
The investment is part of Devenish’s ambitious long-term growth strategy in emerging markets.
Peter Wallace, Executive Vice-Chairman of Devenish, said: “We’re thrilled to announce our investment in Sidai. As a business, we are particularly focused on sustainable farming and food production and this new partnership will enable us to make a difference by improving the livelihood of small-scale farmers across Kenya.
“We would like to acknowledge the support provided by AHL Venture Partners, the Bill & Melinda Gates Foundation, US Aid, and all other stakeholders, and we very much look forward to working closely together in the future.”
Michael Maguire, East African Director, Devenish adds: “Sidai has already had a very positive impact on the local farming community and I hope that this investment, coupled with our commercial input, innovation and nutritional expertise, will help the company grow further and reach even more farmers and pastoralists across Kenya.”
Anthony Wainaina, Managing Director of Sidai, added: “It is great news that a company with Devenish’s international reputation and experience is investing in Kenya’s agriculture sector. I am delighted that Devenish has shown such confidence in Sidai’s business model and shares the company’s mission to enable the farming community in Kenya to produce food in a predictable and profitable way.”
Nicolas Mounard, Chief Executive Officer, Farm Africa said: “The deal means better, more affordable agricultural inputs and veterinary services for some of the world’s most neglected and under-served farmers, more jobs in agribusiness and, ultimately, more prosperous rural communities.”
Richard Macdonald, Chair, Farm Africa adds: “I am absolutely delighted that Devenish, a company with compelling business values and the motivation to support farmers in eastern Africa, is taking a significant stake in Sidai.
“Farm Africa started Sidai and helped grow it into the sustainable enterprise that it is today. Devenish will supercharge Sidai’s growth, bringing world-class animal nutrition expertise to the Kenyan market. The deal is excellent news for both Devenish and farmers working across Kenya, more of whom will gain access to life-changing services and products.”