London investor pumps cash into African chicken farm
Broiler bird producer Kingchick Poultry is to benefit from a $250,000 investment from AgDevCo, a London-based firm investing exclusively in African agriculture projects.
The debt investment sum will be used to help Kingchick Poultry modernise its existing infrastructure and expand poultry production in a country where large-scale chicken operations are still in their infancy.
Rose Sweya, CEO of Kingchick Poultry, who also founded the business in 2010, said the capital would help her business as its aims to produce more chicken for Tanzania.
“I would like KingChick to supply quality chickens at an affordable price to accommodate both lower- and upper-class people,” Sweya said.
The business has seen “significant growth” since Sweya founded the chicken farm seven years ago, when it started rearing 200 broilers per year, according to AgDevCo. Today, the Tanzanian business producers some 130,000 white-feathered broiler birds per year.
The business has signed a long-term deal with an unnamed meat processor in Tanzania to supply more live birds as it ups production.
AgDevCo’s investment will support business growth by financing the expansion and improvement of equipment and facilities. And it will support Kingchick’s governance and management as the business plans to grow.
Nick Jones, AgDevCo’s associate director for Tanzania, said: “Rose is an extremely motivated entrepreneur with a real desire to grow and improve her poultry business to better serve local market needs. We look forward to working with her to achieve these goals in the coming years.”
AgDevCo helps to support agri-businesses in sub-Saharan Africa with financial help from UKAid.