[Tanzania] AgDevCo invests $225,000 in Kingchick Poultry
AgDevCo, a social impact agribusiness investor has announced a $225,000 debt investment into a Tanzanian poultry business. The company, Kingchick Poultry, is scaling up its operations with the aim of establishing a food safe, quality controlled source of chicken for the Tanzanian market.
Kingchick Poultry is a Tanzanian owned and run broiler producer, founded by Rose Sweya in 2010. Since 2010 the business has enjoyed significant growth. Initially rearing 200 broilers per cycle, today Kingchick produces over 130,000 broilers per year. AgDevCo's investment will support the business to grow production in the coming years through the modernisation and expansion of its facilities, as well as provide additional support to the governance and management of the business as it grows.
Through a live sales offtake with one Tanzanian's biggest poultry processers, as well as local direct sales through agents and an outlet store, Kingchick aims to supply the local market in need of a high quality, safe protein source but at an affordable price.
Rose Sweya, founder and CEO of Kingchick Poultry said, "I would like KingChick to supply quality chickens at an affordable price to accommodate both lower and upper class people."
Nick Jones, AgDevCo Tanzania Associate Director added, "Rose is an extremely motivated entrepreneur with a real desire to grow and improve her poultry businessto better serve local market needs. We look forward to working with her to achieve these goals in the coming years."