The capital will support the launch of four ventures in Kenya, helping them acquire equipment, secure supply, test products and recruit operating teams.

Small Foundation said it invested alongside other investors but did not disclose the size, structure or other participants in the transaction.

The investment forms part of the foundation’s work to provide startup capital and technical assistance to businesses connected to rural economies in sub-Saharan Africa.

Founded in 2023 by Milan Samani, Unmarkets builds joint ventures with established food and agriculture companies that already have production facilities, supplier networks, brands, customers and local operating experience.

These partners invest their own capital and remain involved in managing the new businesses.

Unmarkets contributes additional funding and leads the development of each venture, including product design, brand development, management recruitment, strategy, finance and operational support.

The model allows new businesses to enter the market using existing infrastructure and commercial relationships instead of building their entire production and distribution systems from the ground up.

The company invests through a $12 million capital vehicle backed by Shell Foundation and family offices.

Unmarkets structures its venture-building process in three stages. During the initial 12-week design phase, the company and its prospective partner assess the business case, commercial targets and potential impact.

The businesses then enter a nine-to-12-month launch period in which Unmarkets and the local partner each make an initial investment of between $250,000 and $500,000.

Unmarkets can subsequently provide between $2 million and $4 million in follow-on capital to ventures that meet agreed operating and financial targets.

This funding is intended to support expansion, management recruitment and the development of businesses capable of generating positive cash flow.

The company’s first joint venture is Taraji Foods, a Kenyan food business developing a premium snack brand made from cassava.

Taraji Foods was created with Beju Shah, founder of Spice World, whose production experience and sourcing relationships support the venture’s product development and market strategy.

Small Foundation’s relationship with Unmarkets began before the latest investment. In 2024, the foundation awarded the company a grant to refine the legal and corporate structure of its venture-building model, including how ownership and incentives would be shared between Unmarkets and its local partners.

The new investment moves that relationship from model development to financing operating businesses.

The approach addresses a financing challenge that differs from the needs of many technology startups.

Food processors, millers, aggregators and agricultural input businesses often require equipment, supplier contracts, quality controls and physical distribution networks before they can begin generating revenue.

Combining capital with the infrastructure and market knowledge of established operators can reduce some of the cost and execution risk involved in launching these businesses.

“We believe Africa’s next generation of agribusinesses will be built by combining the strengths of established local companies,” said Samani, founder and CEO of Unmarkets.