Investors in Madagascar

Madagascar Development Partners LLC is a venture capital and private equity firm specializing in seed/startups, early venture, mid-venture, turnaround, emerging growth and growth capital investments. The firm also invests in unquoted companies. The firm primarily invest in the financial services, commercial real estate, retail & tourism, mining, energy, industry, services, multimedia, transportation and agribusiness sectors. The firm invests in companies and properties based in Madagascar and in the Indian Ocean. It typically takes a Board seat in its portfolio companies. The firm seeks to hold on to its investments for a period of seven to ten years. Madagascar Development Partners LLC was founded in 2003 and is based in Antananarivo, Madagascar.

Miarakap is a private equity and venture capital firm specializing in investment in mid venture, emerging growth, venture debt and growth capital in small and medium sized enterprises. It seeks to invest in Madagascar. The firm makes investment in all sectors. It prefers to invest in well-established enterprises and can consider seed investment for already experienced entrepreneurs. It usually invests between Ar100 million ($0.02 million) and Ar1000 million ($0.27 million) in equity in companies with enterprise value between $0.2 million to $1 million and sales value between $0.1 million to $2 million. It typically takes minority stakes. It invests through common shares, shareholder loans without collateral and offers other complementary funding tools. It seeks to exit its portfolio companies after 5 years. The firm seeks to take a seat in the Board of Directors of its investee companies. In addition, the firm offers support services in strategy, financial management, business development, organization and governance, etc. and technical consulting in accounting structuring, marketing & sales plan, production technology, information and management system, etc. The firm makes balance sheet investments. Miarakap was founded in 2018 and is headquartered in Antananarivo, Madagascar.

Sonapar SA is a private equity firm specializing in investments in small and medium sized, later stage and mature companies. It also specializes in start-up, growth capital, recapitalization, industry consolidation and turnaround transactions. The firm prefers to invest in all type of sectors, with a focus on primary and industrial sectors including transformation and consolidation, manufacturing, distribution, services and micro finance. It is also socially conscious, preferring to invest in businesses related to sustainable development. It invests in companies based in Madagascar. It seeks to invest in companies with the legal status SA or SARL that employ 5 to 100 people. It usually invests a minimum of Malagasy Ariary 0.05 million ($0.00002 million) in equity or quasi-equity. It invests through personal capital as well as balance sheet. Sonapar SA was founded in 1991 and is based in Antananarivo, Madagascar.

Asime Ventures is a venture capital firm specializing in angel, pre-seed and seed investments. The firm prefers to invest in East and West Africa, notably Ghana, Kenya, Côte d'Ivoire, Madagascar, Togo, Nigeria, Egypt and South Africa. It typically invests between $0.05 million and $0.1 million. Asime Ventures was founded in 2020 and is based in Accra, Ghana with additional offices at Nairobi, Kenya and Luxembourg, Luxembourg.

Impact Fund Denmark is a private equity and venture capital firm specializing in financing in the form of equity, mezzanine, loans, debt and guarantees. It makes socially conscious investments. It makes directly & indirectly investments. Under directly investing, it invests in early stage & growth capital investments. Under indirectly investments, it invests in venture capital funds. It specializes in establishing new companies, setting up joint ventures between Danish companies and local business partners and in acquiring existing companies. It provides financing to private-sector projects in the developing countries. The firm can only invest in countries whose 2008 GNI capita income is below $0.03 million with an exemption granted to South Africa, Botswana, and Namibia. Also, the host countries of investments must be on the OECD’s DAC list of development aid recipients. It invests where private sector financing is unavailable or insufficient. It invests in sustainable growth and high-impact solutions in developing markets/countries. It does not invest in Forced labor or child labor, Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals, wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES), Unsustainable fishing methods, Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations, Destruction of High Conservation Value areas, Radioactive materials and unbounded asbestos fibres, Pornography and/or prostitution, Racist and/or anti-democratic media, Alcoholic Beverages (except beer and wine), Tobacco, Weapons and munitions, Gambling, casinos and equivalent enterprises, Standalone fossil fuelled power plants, Drilling, exploration, extraction, refining and sale of crude oil, natural gas and thermal coal, Storage, supporting infrastructure (pipelines etc.), transportation and logistics, and services primarily related to fossil fuels, Any business using captive coal for power and/or heat generation, Electricity generation from peat and activities leading to deforestation, Investments and/or other projects that aim to produce or make use of agricultural or forestry products, Biomaterials and biofuel production, Export-oriented agribusiness mod, Meat and dairy industries. It prefers investing in commercial services and supplies, biofuels, electric power by solar and wind energy and irrigation systems sector. The firm seeks to invest in climate and Agribusiness. It focuses its investments in Green energy & infrastructure with focus on Clean, affordable renewable energy, Waste recycling and management, Energy efficiency, Water access and management; Financial Services with focus on Microfinance, MSME financing, Development banks and Insurance; Sustainable food systems with focus on Climate farming, Storage and distribution, Processing, Forest and land; Healthcare with focus on Hospitals and clinics, Pharmacy chains, Diagnostic services, Pharmaceuticals & medical equipment. The firm prefers to invest in companies based in Africa focusing on North Africa, Sub-Saharan Africa, South America, Central America, Middle East and Algeria, Angola, Benin, Botswana, Jordan, Denmark, Senegal, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo (Brazzaville), Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Egypt, Arab Rep., Eritrea, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, São Tomé and Principe, Sierra Leone, Somalia, South Africa, Sudan, South Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe; Asia focusing on Afghanistan, Bangladesh, Bhutan, Cambodia, China, Fiji, India, Indonesia, Iran, Iraq, Brazil, Malaysia, Turkey, Mexico, Kiribati, Laos, South Korea, North Korea, Kyrgyzstan, Maldives, Federal States of Micronesia, Mongolia, Myanmar, Nepal, Marshall Islands, Pakistan, Papua New Guinea, Philippines, Western Samoa, Solomon Islands, Sri Lanka, Syria, Tajikistan, Thailand, East Timor, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam, West Bank and Gaza, Yemen; Europe focusing on Albania, Russia, Armenia, Azerbaijan, Caucasus, Belarus, Balkans, Bosnia & Herzegovina, Bulgaria, Croatia, Montenegro, Romania, Slovenia, Georgia, Kosovo, Macedonia, Moldova, Serbia, Ukraine; and Latin America with a focus on Belize, Bolivia, Colombia, Cuba, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras Nicaragua, Paraguay, Peru, Saint Lucia, Saint Vincent and The Grenadines, Suriname, Ecuador, and Jamaica and North Asia, United States of America, Latin America and parts of Europe. It seeks to invest between from DKK15 million ($2.32 million) and DKK500 million ($77.52 million). The firm can invest up to DKK350 million ($51.34 million) per company. The firm seeks to co-invest with Danish businesses in projects based in developing countries. It prefers to take minority stake between 10% to 30% and up to 49 per cent in small projects. It prefers to take a board membership. The firm prefers to exit its investments within five to seven years when the loan has been repaid or the shares have been sold. The firm also offers special assistance to small and medium-sized enterprises which employs less than 300 employees, with an annual revenue of up to DKK 300 million ($53.16 million) and has a positive result in two out of three latest financial years. It also provides advisory services to business investments in developing countries. The firm makes two thirds of its investments in partnership and can also provide additional financing. Impact Fund Denmark was founded in 1967 and is based in Copenhagen, Denmark with additional offices across Asia, Europe, South America, and Africa.

Africa has always lived on its feet. Ever since man took his first faltering steps in the great Rift Valley, Africans have been renowned as the world's best walkers. Today Africans are still walking tall, but with one notable exception: the extra milage provided by their Umoja Shoes. Since its own first steps in the late 1970s, Umoja Rubber has helped to put affordable shoes on millions of feet across Africa. From kenya to Congo, Ethiopia to Madagascar, Umoja has become a household name- a name that stands fro strength, confort, value and reliability. Today's bustling Umoja Headquarters is a far cry from the small slipper factory that opened with 26 employees on Mombasa Island in 1978. The Company's Mtwapa headquarters today employs more than 1,600 people and produces a phenomenol 100,000 pairs of slippers and 30,000 pairs of canvas shoes eveyday.

Inspired Evolution Investment Management is a private equity and venture capital firm specializing in start up, early stage, mid venture, late venture, later stage, emerging growth, growth capital, bridge financing, PIPES, and buyouts in mature middle market small, medium-sized, and large companies. It does not invest in angel and seed stages and also in sectors such as tobacco, alcohol, gaming, fixed asset (property), defense, and select environmental categories. The firm also invests at an earlier stage in the process (pre-bankable stage) where warranted through access to complimentary seed capital facilities. It seeks to invest in green industries, cleantech investments across new energy and environment markets including clean energy generation; clean energy infrastructure; water purification; waste management; and efficient production technology, renewable energy power generation (primarily wind, solar, small hydro and Geothermal), resource efficiency (in the field of energy efficiency, water and water treatment, waste management and agricultural efficiency), energy efficiency, biofuel, manufacturing, pollution and waste management, green chemistry, transportation, and agribusiness. The firm also seeks to invest in sustainable agriculture, natural health, ecotourism, sustainable settlements, and green real estate. It prefers to invest in Southern African Development Community countries with a focus on Sub-Saharan Africa with primary targets being Ethiopia, Ghana, Kenya, Mozambique, Nigeria, Tanzania, Uganda and Zambia, Southern and South Africa ; across the Southern African Development Community including nations such as Angola, Botswana, Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Namibia, Seychelles, Kingdom of Swaziland, Zimbabwe, and Australia. The firm seeks to make equity investment between $1.4 million and $14 million in companies with enterprise values between $1.34 million and $15 million. It prefers to be a lead investor. The firm seeks to take a board seat in its portfolio companies. It acquires significant minority or majority stakes. The firm also provides advisory services. Inspired Evolution Investment Management was founded in 2007 and is based in Cape Town, South Africa with additional offices in Grand Baie, Mauritius, Abidjan, Ivory Coast, Nairobi, Kenya and London, United Kingdom.

Belgian Investment Company for Developing Countries SA/NV-BIO is a private equity and venture capital firm specializing in direct and fund of funds investments. It focuses on debt, expansion, growth capital, middle market, emerging growth, mezzanine, start-up, early stage, private sector projects; private enterprises with a focus on small and medium enterprises and large companies with local base, financial sector with a focus on financial institutions or intermediary organizations who aim to finance small and medium sized enterprises including commercial banks, microfinance institutions, non-bank financial institutions, factoring, leasing, investment companies, microfinance investment funds, and private equity funds and infrastructure projects with a focus on private projects or public-private partnerships aiming at servicing local populations and businesses and new projects or rehabilitation of existing equipment, subsidies and grants to co-finance for feasibility studies and technical assistance programmes for training, technology transfer; and guarantees. It does not invest in production, trade, or activities involving harmful or exploitative forms of forced labor or harmful child labor, any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, weapons and munitions, alcoholic beverages excluding beer and wine, tobacco, gambling, casinos and equivalent enterprises, wildlife or wildlife products regulated under CITES, radioactive materials, unbonded asbestos fibers, commercial logging operations or the purchase of logging equipment for use in primary tropical moist forest, products containing PCBs, pharmaceuticals subject to international phase outs or bans, pesticides and herbicides subject to international phase outs or bans, ozone depleting substances subject to international phase out, and drift net fishing in the marine environment using nets in excess of 2.5 km in length. The firm seeks to invest in all sectors with a focus on agriculture and agro-industry, information technology and telecommunications, productive sectors for private enterprises; renewable energy, water access, irrigation and agriculture, telecommunications, and transport infrastructure for infrastructure projects. It also invests in manufacturing and ICT. The firm primarily seeks to invest in countries that fall under the following categories: least developed countries, low income countries, and middle income countries. For private enterprises and financial sector, it seeks to invest in Africa, Central and Latin America, and Asia/South-East Asia with particular emphasis on Africa for infrastructure projects. Within Africa it invests in Algeria, Angola, Benin, Burkina Faso, Burundi, Cameroon, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Ivory Coast, Kenya, Madagascar, Malawi, Mali, Morocco, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe; for Asia it invests in Bangladesh, Cambodia, India, Indonesia, Laos, Mongolia, Myanmar, Nepal, Philippines, Sri Lanka and Vietnam; for Latin America it invests in Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Paraguay and Peru; it also invests in Palestine. The firm seeks to invest in small and medium sized enterprises and larger corporations and for investment companies and funds with a maximum amount of respectively €1 million ($1.10 million) and €15 million ($16.50 million) per project and minimum amount of €3 million ($4.14 million) to €15 million ($16.50 million) for infrastructure projects and less than €1 million ($1.38 million) in the financial sector. It also provides subsidiaries and grants up to a maximum of 50% of their total cost with maximum €0.1 million ($0.14 million) and usually makes early stage investments of €5 million ($6.88 million). The firm seeks a minority and majority stake in its portfolio companies and usually does not hold more than 35%. It seeks a seat on the board of its portfolio companies and may co-invest in infrastructure projects. The firm seeks to invest in equity, quasi-equity including mezzanine, subordinated loans, convertible loans and medium and long-term loans. Loan maturity for private enterprises and financial sector may vary between 3 to 10 years, with a maximum grace period of 3 years and up to 15 years, with a maximum grace period of 3 years for infrastructure projects. Belgian Investment Company for Developing Countries SA/NV-BIO was founded in 2001 and is based in Brussels, Belgium with additional offices in Nairobi, Kenya and Abidjan, Ivory Coast.