Key Takeaways
- • Ground Up Investing (GUI), the impact investing arm of Corus International, reached a $6 million first close on its second fund, Fund 2, which targets $20 million in total commitments.
- • Corus International is the anchor investor in Fund 2, which provides two-year working capital loans to agricultural small and medium-sized enterprises in Kenya, Uganda, Rwanda, Colombia, Peru and Ecuador.
- • Fund 2 targets improvements in land management on more than 20,000 acres of farmland and $200 million in new farmer income, equal to $10 for every $1 invested.
- • Fund 1, launched in 2017, invested $5 million across 15 agricultural businesses.
Summary
Ground Up Investing (GUI), the impact investing arm of Corus International, has reached a $6 million first close for its second fund, according to Africa Private Equity News. The target size of Fund 2 is $20 million, with Corus International serving as anchor investor.
Fund 2 will extend two-year working capital loans to agricultural small and medium-sized enterprises in Kenya, Uganda, Rwanda, Colombia, Peru and Ecuador. The fund aims to improve land management on more than 20,000 acres of farmland and generate $200 million in new farmer income, a stated ratio of $10 in farmer income for every $1 invested.
The vehicle follows GUI's first fund, launched in 2017, which invested $5 million in 15 agricultural businesses. Corus International founded GUI in 2017 to provide patient, impact-focused capital to agricultural businesses that are often underserved by traditional finance. Corus is a global non-governmental humanitarian assistance and development organisation based in Washington, DC.
Mark Muckerheide, chief executive officer of GUI, said the close reflects growing investor confidence in farmers, entrepreneurs and rural businesses. He set Fund 2's north star at $10 in additional farmer income for every $1 invested and a long-term vision of $1 billion in farmer income over the next ten years. Daniel Speckhard, president and chief executive officer of Corus International, said the strong investor response reflects a growing recognition that rural businesses are essential partners in building resilient communities.
Fund 2 will extend two-year working capital loans to agricultural small and medium-sized enterprises in Kenya, Uganda, Rwanda, Colombia, Peru and Ecuador. The fund aims to improve land management on more than 20,000 acres of farmland and generate $200 million in new farmer income, a stated ratio of $10 in farmer income for every $1 invested.
The vehicle follows GUI's first fund, launched in 2017, which invested $5 million in 15 agricultural businesses. Corus International founded GUI in 2017 to provide patient, impact-focused capital to agricultural businesses that are often underserved by traditional finance. Corus is a global non-governmental humanitarian assistance and development organisation based in Washington, DC.
Mark Muckerheide, chief executive officer of GUI, said the close reflects growing investor confidence in farmers, entrepreneurs and rural businesses. He set Fund 2's north star at $10 in additional farmer income for every $1 invested and a long-term vision of $1 billion in farmer income over the next ten years. Daniel Speckhard, president and chief executive officer of Corus International, said the strong investor response reflects a growing recognition that rural businesses are essential partners in building resilient communities.
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