Zurich – Koa has successfully completed a Series B financing. With 15 million dollars in fresh capital, the Swiss-Ghanaian start-up wants to continue to grow with the utilization of cocoa fruits and drive forward the transition to regenerative and climate-friendly agriculture.
Koa has increased its equity capital by 15 million dollars in a Series B financing round. According to a press release, the Swiss-Ghanaian start-up based in Zurich intends to further expand its use of the cocoa fruit. The Land Degradation Neutrality Fund led the round with 9 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 Bank Mirabaud, and the Luxembourg-based Haltra Group have also invested. It had led the Series A financing in 2021. "We are proud to have closed the Series B round in this difficult market environment for investments in start-ups," Koa's CFO Fabien Nizard is quoted as saying.
Koa is the first company in West Africa to establish a new value chain around its previously discarded fruit pulp. In this way, Koa works closely with smallholder cocoa farmers in Ghana to reduce food waste on the farms and generate additional income for the families. At the same time, the company provides new ingredients for the food and beverage industry.
The deal came just a few months after Koa inaugurated "Africa's largest cocoa fruit factory" in eastern Ghana. The company sees this as the basis for a tenfold increase in production and for cooperation with 10,000 additional cocoa farmers. Koa also intends to develop new cocoa fruit products and expand its marketing and sales activities. The start-up also supports the transition to regenerative agriculture. It is intended to make cocoa cultivation more resilient to the consequences of climate change. ce/mm