Washington DC Prosper Africa is catalyzing agricultural manufacturing and enhancing environmental and social affect in Morocco by enabling Vantage Capital’s €14 million ($15.2 million) funding in Société de Manufacturing Maraîchère Samir S.A. (SPMS), a number one Moroccan grower of purple fruits and tomatoes. Facilitated by Prosper Africa’s business due diligence help, Vantage Capital’s strategic funding will empower SPMS to considerably increase its operations, fostering financial progress and sustainable agricultural practices in Morocco.
SPMS manages a cultivated space of 101 hectares in Agadir, specializing in high-quality cherry tomatoes, raspberries, blueberries, and blackberries. The corporate has solid a robust partnership with Driscoll’s, a California-based world chief in contemporary berries, beneath an off-take settlement. Driscoll’s helps SPMS all through the whole worth chain, from seed provide to the ultimate buy of the harvest.
The funding from Africa-focused fund supervisor Vantage Capital is anticipated to generate important social and financial impacts within the area. At the moment using round 2,000 employees, SPMS plans to triple its cultivated space to over 300 hectares within the coming years. This growth will create lots of of job alternatives, particularly for girls and youth in rural areas. It should additionally increase Morocco’s agricultural exports, producing international forex revenue for the nation.
SPMS can be dedicated to environmental sustainability, adhering to rigorous worldwide requirements for accountable farming practices. The corporate leverages revolutionary methods reminiscent of dual-irrigation techniques and desalinated water to handle water shortage, and digital options to optimize greenhouse situations. In addition they prioritize social duty, offering employment and coaching alternatives, and actively supporting native communities via initiatives like supplying consuming water and rehabilitating native faculties.
Prosper Africa stays deeply dedicated to catalyzing funding in Morocco. The due diligence companies supplied by Prosper Africa, by way of CrossBoundary Advisory, helped Vantage Capital full its due diligence on Morocco’s purple fruits and tomatoes sectors, together with assessing key market dangers and SPMS’s progress potential.