Companies
Firm bags Sh1.2 billion funding for macadamia production
Tuesday February 20 2024
Macadamia nuts on sale. FILE PHOTO | JOSEPH KANYI | NMG
Pamoja, a Switzerland-based agricultural farm, which runs a macadamia processing plant in Kenya and farms in Tanzania, has raised $8.5 million (Sh1.2 billion) in funding to boost the production of the nut.
The company, which focuses on the high-end market of macadamia, has received investment from French asset management company Mirova, a subsidiary of Natixis Investment Managers.
“The investment will enable the company to accelerate its projects in Kenya and Tanzania, where Pamoja is targeting 6,200 hectares of managed lands according to stringent sustainability criteria (organic and Fair Trade) and support for 13,000 small local producers by 2031,” said the firm in a statement.
Some 6,000 small—scale farmers supply the firm with macadamia in Kenya through its subsidiary TenSenses.
“The Nairobi-based processing plant and access to extensive distribution networks generate substantial additional income for these producers, giving them access to international markets,” said the firm.
In Tanzania, through its subsidiary Macjaro, Pamoja is developing farms and aims to plant over 700 hectares of new coffee and macadamia over the next few years.
