US-based food and agricultural waste recycling start-up Agricycle Global has secured $2.4m to expand its operations in sub-Saharan Africa. The funds were secured in a round of financing organised by MaSa Partners and CSA Partners.
The recently secured $2.4 million in funding is aimed at improving food and agricultural waste management in sub-Saharan Africa. The Wisconsin, USA-based start-up Agricycle Global secured the funds in a funding round involving Wisconsin Investment Partners, Brightstar Wisconsin, and several angel investors.
The round was organised in two phases by MaSa Partners and CSA Partners, social impact investors who take stakes in early stage companies with high growth potential. Agricycle Global recycles cassava roots, coconut husks and palm husks into charcoal for cooking through its Tropical Ignition brand, launched in early 2021. The fuel is sold in over 1,000 US shops. Agricycle Global collects recyclable waste in sub-Saharan Africa. In the region, this helps to improve waste management. It is also an alternative to deforestation.
The start-up works with local people, including small-scale farmers who supply it with food and agricultural waste. “We will use the new capital to start supplying products called Field Better Ingredients. The new brand will provide consumer product manufacturers and bakeries with organic, gluten-free flours made from 100% fruit,” says Agricycle Global. According to the start-up company led by Joshua Shefner, in sub-Saharan Africa, about 25-50% of all agricultural produce is wasted after harvest and before it reaches the market. This is due to inadequate transport, processing, drying and storage facilities.
To combat post-harvest losses, Agricycle has been supplying solar dehydrators to small-scale farmers and cooperatives in sub-Saharan Africa, run by women who harvest fruits such as jackfruit, mango and pineapple, since April 2020. The fruit is then dried, packaged and sold under the brand name Jali Fruit Co.