Koa has increased its equity capital by 15 million dollars in a series B financing round. According to a statement, the Zurich-based Swiss-Ghanaian start-up intends to use the investment to further expand its cocoa fruit processing business. The round was led by the Land Degradation Neutrality Fund, with an investment of nine million dollars. It was initiated by the United Nations Convention to Combat Desertification and the Geneva-based asset manager Mirova, a subsidiary of Natixis Investment Managers.
The Regenerative Growth Fund 1, which is managed by Zebra Impact Ventures and Mirabaud bank, and the Luxembourg-based Haltra Group, also participated. Haltra led the Series A financing in 2021. "We are proud to have closed our Series B round in this challenging market environment for start-up funding,” commented Koa CFO Fabien Nizard In the statement.
Koa is the first company in West Africa to establish a new value chain around discarded fruit pulp. The company works closely with smallholder cocoa farmers in Ghana to reduce food waste on farms and generate additional income for farming families. At the same time, the company generates new ingredients for the food and beverage industry.
The deal was finalised a few months after Koa inaugurated “Africa's largest cocoa fruit factory” in eastern Ghana. The company says this lays the foundations for a tenfold increase in production and the opportunity to work with 10,000 additional cocoa farmers. Koa also wants to develop new cocoa fruit products and expand its marketing and sales activities, as well as support the transition to regenerative agriculture. The startup’s aim is to make cocoa cultivation more resilient to the consequences of climate change. ce/mm
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