Swiss-Ghanaian start-up Koa has secured $10 million in growth capital investments to scale up its upcycled cocoa production capabilities.
The company has raised a total of $10 million in financing with the closure of senior and junior ranking debt as well as a $4.7 million Series A equity round led by Haltra Group.
Koa plans to invest the funds from the debt financing into a new cocoa production plant in Akim Achiase, Ghana. The company makes use of the otherwise wasted pulp of the cocoa fruit, reducing food waste and providing cocoa smallholders with an additional source of income.
According to Daniel Otu, production and operations director at Koa, the new factory will generate 250 new jobs in rural Ghana and will allow the company to extend its cocoa fruit upcycling to an additional 10,000 farmers.
“We are excited that we won strong and reputable partners for the further growth of our business. It shows that our way of responsibly doing business and our value proposition are meeting the pulse of the time. With these investments, we will be setting up Africa’s largest cocoa pulp processing plant in West Africa, which is the world’s largest cocoa-growing region,” commented Benjamin Kuschnik, co-founder and group finance director at Koa.
The factory, which is already under construction, will be Koa’s second and is expected to start operations by the end of this year.
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