Aavishkaar Capital, part of Aavishkaar Group, known for its entrepreneurship-led approach to impact-driven business growth, has supported Horizon Group Africa’s operations with $5 million.
The investment was made in collaboration with KfW, German state-owned investment and development bank.
Facilitated by Global Supply Chain Support Fund (GSCSF), the investment is its eighth investment in the Global South and the fourth in Africa.
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 European Union, Asia, and United States. The loan is to support Horizon’s capital needs, particularly for raw materials to fulfil increased client orders.
The company also provides farmer training in agricultural practice to expand organic cultivation. In addition, it organised farmers into cooperatives to ensure organic certification and full traceability.
“We are pleased to partner Aavishkaar Capital in the next phase of our growth journey. Its 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, chief executive of Horizon Group.
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Darren Lobo, director at Aavishkaar, said: “We are delighted to partner Horizon’s team, which brings over 80 years of expertise in spice growing and trading, to build one of Africa’s largest spice processing companies. We value Horizon’s impactful farm extension work with over 3,000 farmers in remote regions of Tanzania, Madagascar, and Nigeria, as well as the relationships it has with top global customers in the last five to eight years.”
Dr. Markus Aschendorf, head of Division at KfW, said: “Our investment in Horizon Group through Global Supply Chain Support Fund reflects KfW’s commitment to strengthening sustainable supply chains in Africa and Asia. We believe purpose-driven capital can catalyse ESG transformation while unlocking inclusive growth. Horizon’s work in ethical sourcing and regenerative agriculture aligns with our vision for resilient, ecologically conscious businesses ready to meet global standards and thrive in international markets.” Global Supply Chain Support is a $250 million fund focused on investments in Africa and Asia, delivering strong ESG outcomes while achieving 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. Others are 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 agro-commodities, 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.