Dublin-based impact investor Small Foundation has invested in Nairobi-based venture builder Unmarkets, backing an initiative that could strengthen agricultural markets, create rural jobs and improve opportunities for smallholder farmers in Kenya.
The investment will support the launch of four new food and agriculture ventures, moving them from the design stage into active trading. This includes purchasing equipment, securing suppliers, testing products and building teams to operate the businesses.
The potential impact goes beyond the four ventures. Small Foundation said successful ventures could create more reliable markets for smallholder farmers, keep more agricultural value within rural communities and increase access to inputs and employment.
“Together, we’re excited to demonstrate how stronger businesses can create reliable markets for smallholder farmers and lasting prosperity across rural communities,” said Milan Samani, founder and CEO of Unmarkets.
Building Businesses With Established African Companies
Founded by Samani in 2023, Unmarkets was created to address gaps in rural finance by taking a different approach to building agricultural businesses. Rather than working only with new founders, the company partners with established, African-owned agricultural businesses that already have production facilities, brands, supplier networks and customers.
Under the model, the established partner contributes industry knowledge, access and its own capital while remaining involved in operating the new venture. Unmarkets provides additional capital and leads the development of the business, including recruiting management teams and creating products and brands aimed at regional and global markets. It also provides shared finance, strategy and operational support.
Samani said the model is based on bringing together the strengths of existing African companies with new businesses that can serve wider markets.
“We believe Africa’s next generation of agribusinesses will be built by combining the strengths of established local companies with products and brands designed for regional and global markets, supported by long-term capital,” he said.
Unmarkets says on its website that it invests through a $7.5 million capital vehicle backed by Shell Foundation and values-aligned family offices. Its portfolio is focused on improving incomes and climate resilience for 200,000 smallholder farmers.
From Grant Support to Investment
Small Foundation’s investment follows a grant provided to Unmarkets in 2024. The earlier support helped the company address important questions around its legal and corporate structure, including how ownership and incentives should work between the holding company and its venture partners as the business expanded.
According to Small Foundation, that work made the model “clearer, stronger and ready for investment”. The foundation is now backing the refined model as part of its work on startup capital and technical assistance.
The investment also allows Small Foundation to examine whether venture building with established agricultural operators can produce stronger businesses than supporting individual founders alone, particularly in agriculture, a sector that the foundation said “rarely fits the startup mould”.
If the model succeeds, the wider effects could include longer-term crop purchasing arrangements for smallholder farmers, more processing closer to farming communities, greater local value creation, increased access to agricultural inputs and new jobs in rural areas.
The investment comes as Small Foundation expands its support for early-stage agribusinesses in East Africa. Earlier this month, it also announced support for AgDevCo Ventures, a vehicle providing patient finance to early-stage agribusinesses across the region.
