Goodwell invests in SOUK Farms to scale sustainable agricultural production across Rwanda


Goodwell Investments, an impact investing firm focused on promoting inclusive growth in emerging markets, is delighted to announce its investment in SOUK Farms, a prominent grower and exporter of fresh horticultural produce from Rwanda.

The funding for SOUK Farms was provided through uMunthu II, Goodwell’s 150 EUR million fund dedicated to supporting scalable, early-growth stage businesses in Africa.

“This investment will serve as a strong foundation for expanding SOUK Farms’ sustainable agricultural business in Rwanda, empowering them to establish resilient systems and value chains that benefit local farmers and the surrounding community.”

Established in 2019, SOUK Farms has already made a significant impact in Rwanda’s agricultural sector by developing its farming operations and collaborating with a vast network of out-growers to cultivate and export high-quality exotic horticultural produce.

Additionally, the company caters to the local Rwanda market.

They have achieved this success through a combination of innovation and a steadfast commitment to enhancing the resilience of local farms against climate change and unpredictable rainfall patterns.

Partnering with Goodwell equips SOUK Farms with the necessary capital to pursue these ambitions on a larger scale.

The Founder and Chief Executive Officer (CEO) of SOUK Farms, Seun Rasheed stated, “The opportunities to create sustainable agricultural practices and improve existing ones in Rwanda are tremendous. Our partnership with Goodwell will have a significant impact not only on the growth of SOUK Farms but also on the farmers and communities we work with, as we continue to offer solutions that improve incomes, create employment, and implement education and outreach programs for youth and women.”

SOUK Farms has played a vital role in Rwanda’s socio-economic transformation, making a positive impact on the local agricultural supply chain.

Working closely with over 1,200 farmers across Rwanda, they have significantly improved livelihoods, enabling farmers to earn more than 300% of what they did before becoming out-growers for SOUK Farms.

“The company also upholds the Rwandan government’s national Agriculture policy, promoting gender equality by having 71% of their workforce comprised of women.”

Their impactful efforts and robust business model align well with Goodwell’s agricultural investment strategy, which aims to improve value chains, reduce post-harvest losses, and enhance the livelihoods of smallholder farmers.

Judith Ngonyo, Investment Manager at Goodwell Investments, expressed her enthusiasm for supporting SOUK Farms under the leadership of Seun Rasheed.

She mentioned that SOUK Farms has a clear vision for expanding its impact and productivity in a sector with growing demand.

“Goodwell is proud to back the company during this exciting phase of their business growth and is eager to witness their continued innovation in the agricultural space. The investment also marks Goodwell’s entry into the Rwandan market, further expanding their presence in East Africa.”

This investment comes at a critical time, enabling SOUK Farms to build on its success, scale operations, and increase the productivity of Rwandan farmers.

It also underscores Goodwell’s dedication to supporting companies that improve livelihoods and provide affordable, accessible, high-quality goods and services to underserved populations.