Aavishkaar Capital injects $5m into Horizon Group Africa to boost spice exports
Aavishkaar Capital, through its Global Supply Chain Support Fund (GSCSF), has announced a $5 million loan to Horizon Group Africa to help scale up its operations across the continent. The deal marks the fund’s fourth investment in Africa and its eighth globally.
Horizon Group, which operates spice aggregation and processing facilities in Nigeria, Tanzania and Madagascar, specialises in high-value products including ginger, turmeric, cloves, cinnamon, cardamom and black pepper. The loan will support the company’s working capital needs, particularly the purchase of raw materials to meet growing international orders from the EU, Asia and the United States.
“We are pleased to partner with Aavishkaar Capital as we embark on the next phase of our growth journey. Their experience in scaling businesses, strengthening governance systems, enabling access to global customer markets, and unlocking capital will be invaluable as we build Horizon into the leading African spice processing company,” said Jomy Antony, CEO of Horizon Group.
Aavishkaar Capital’s Director, Darren Lobo, praised Horizon’s track record. “We are delighted to partner with the Horizon Group’s exceptional management team, which brings over 80 years of combined expertise in spice growing and trading, to build one of Africa’s largest spice processing companies. We deeply value Horizon’s impactful farm extension works with more than 3,000 farmers across remote regions of Tanzania, Madagascar, and Nigeria, as well as the strong, long-term relationships they have cultivated with top global customers over the past 5–8 years,” he said.
Dr Markus Aschendorf, Head of Division at KfW, the German development bank partnering with Aavishkaar on the fund, highlighted the broader development impact. “Our investment in the Horizon Group through the Global Supply Chain Support Fund reflects KfW’s commitment to strengthening sustainable supply chains across Africa and in Asia. We believe that purpose-driven capital can catalyse meaningful ESG transformation while unlocking inclusive growth. Horizon’s work in ethical sourcing and regenerative agriculture aligns with our vision for resilient, ecologically conscious businesses that are ready to meet global standards and thrive in international markets,” he noted.
Founded in 2006 in Nigeria, Horizon Group initially traded in agro-commodities, processed foods and furniture before pivoting in 2017 to focus on spices. The company now works directly with over 3,000 farmers, many organised into cooperatives for organic certification and traceability. It processes both organic and conventional spices, benefitting from rising global demand for organic produce.
The GSCSF, a $250 million vehicle, focuses on impact-driven businesses in Africa and Asia. It has previously invested in Hela Apparel Holdings, Balaji EPZ and Kenyan macadamia exporter Privamnuts.