Truluv Granola has secured an additional investment of EUR 680,000 within the first year of their IAP partnership. This debt and equity financing was made by the Dutch Good Growth Fund and a group of angel investors.
IAP was the first external investor in this small social enterprise that makes healthy plant-based snacks in Ethiopia. The Ethiopian diet is insufficient in fat, protein and micronutrients and, along with a Vitamin A deficiency, leads to 80,000 deaths a year. This affects some 61% of preschool children, school children and women in the country. Truluv decided to address this issue by providing nutritious, fortified and affordable snacks.
Truluv strives to drive impact through sourcing its inputs from smallholders, managing its production line in an environmentally conscious manner and investing in the empowerment of its female employees.
Though small, the company has a strong leadership, a capable and driven team, and a good management system in place. The additional support from IAP has also aided in driving the growth of the business and the current investment will see Truluv develop new recipes and brand targeting of the urban low-income market. Already, it has successfully upgraded its manual production operation to a semi-automated process; driving up its daily capacity from 30 kilograms to 750 kilograms.
Chosen by IAP as one of its investees, Truluv passed through a rigorous due diligence process, while IAP’s technical support created a strong credibility for the business among interested investors. This opened doors for Truluv to secure its additional investment.
This investment will enable the company to bring its production up to par with international standards and expand exports into Africa and the Middle East.