By David Rupiny
View the video here: https://youtu.be/mmFCN0Ew6YM
Afrikado Industries is a youth-led startup that adds value to Hass avocado by processing avocado oil, which they supply as raw material for micro, small and medium enterprises in the local cosmetics industry. The startup is led by Peace Kekirunga, a food science graduate.
According to Kekirunga, they spotted a gap in the cosmetics industry whereby micro, small and medium players had to cope with imported yet expensive avocado industry. The cosmetics makers also need quality and unadulterated avocado oil. At the same time, loads of avocados were not being exported on account of low grades due to damages, over ripening or bruises.
The startup buys the non-export grade avocados from exporters, processes oil from them, and sells to local cosmetics industries. A litre of avocado oils goes for 40,000 Ugandan shillings.
The avocado oil market is estimated to be 45 million dollars, and Afrikado’s market share is just less than 1 percent, so far. Afrikado’s current production capacity if 100 litres per week.
Kekirunga says they are seeking affordable funding of 50,000 dollars in order to boost production to 500 litres per week and increase annual revenues to 500,000 dollars in three years, and have a one-percent market share.
Afrikado also intends to use the funding for research and developmnt in order to diversify their range of products and improve efficiencies.
The Domestic Investment Division of Uganda Investment Authority is offering Afrikado investment and business support services and is enrolling it onto the National SME Portal www.mybusiness.go.ug
*** Got an investor success story, or knows one with a beautiful investor success story? Please do not hesitate to contact us: David Rupiny, 0785291625, drupiny@ugandainvest.go.ug