UK-based agribusiness investor AgDevCo has announced a $225,000 debt investment in Tanzanian chicken rearer Kingchick Poultry.
The investment from the social impact investor will allow Kingchick to modernise its existing infrastructure and expand its production, with the goal of scaling up its operation and becoming a reliable source of chicken for the Tanzanian market.
In seven years since its inception, Kingchick Poultry has gone from rearing 200 chickens to producing over 130,000 chickens a year.
The business was founded by Rose Sweya, who aims to provide the Tanzanian market with a high-quality and food-safe protein source at an affordable price. Kingchick already sells to one of the country’s biggest poultry processors, and also sells through local sales agents and an outlet store.
“I would like KingChick to supply quality chickens at an affordable price to accommodate both lower and upper class people,” Sweya said.
AgDevCo’s investment will support the business to grow production in the coming years through the modernisation and expansion of its facilities, as well as providing additional support to its management.
AgDevCo Tanzania associate director Nick Jones added: “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.”
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