Our 2023 Impact Report
Insights from Small Foundation and our partners on an evolving investment ecosystem as we work together towards our vision of a thriving Africa free from extreme poverty. LEARN HOW
Welcome from Conor Brosnan
Welcome to Small Foundation’s 2023 Impact Report. This year we will take the opportunity to reflect on how the rural MSME investment landscape has changed across sub-Saharan Africa.
Since our foundation in 2007, we have seen the ecosystem evolve in many ways, from the proliferation of venture investing approaches and more sophisticated ways of thinking about measuring impact, to greater African investment leadership and capital mobilisation.
Together with our partners we have been continuously learning and adapting, seeking to better deliver impact in a changing system. We support intermediaries with commercial potential, and initiatives such as collaborative networks and research, that improve the ecosystem for rural MSMEs.
Since 2007 we have committed over €39M to our partners. Through supporting their work we hope to achieve the vision of a thriving Africa free from extreme poverty.
Sincerely,
Conor Brosnan
CEO & Chair
Our impact in 2023
This funding went to 6 investments; 10 network partners and 4 research projects.
By the end of 2023 our fund and accelerator partners had investments in 1700+ African SMEs.
Our partners worked across 46 countries in Africa.
An evolving investment ecosystem
To tell the story of the evolution of rural MSME investment in sub-Saharan Africa from multiple perspectives we enlisted some of our partners, each of them experts in distinct yet critically interrelated aspects of the system. Together they have catalysed new capital to this vital sector, and together we look to build on this work and learning to address the very significant gaps that persist.
Our partners in 2023
Through our investment, networks, and research practices, we partner with intermediaries and ecosystem-building initiatives that support African MSMEs to competitively thrive. Here is a snapshot of their impact in 2023.
Practice area Impact networks
Investment years 2022-2024
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 250+ members across 200+ organisations and 40+ countries, around half of whom were raising their first fund and over 60% with African nationality
- 86% of WAI members invested with an impact lens
Practice area Investments
Investment years 2021-present
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 150 businesses screened for agtech
- 11 businesses went through the design programme
- 3 agtech businesses approved for venture support
- Over 3M rand invested in agtech portfolio
Practice area Research
Investment years 2023-2024
Region Uganda, Rwanda, DRC
VISIT PARTNER PROFILE
In 2023:
- Refined its Farmer Thriving Index for the coffee sector in East Africa
- Surveyed 1,026 coffee farmers
Practice area Impact networks
Investment years 2020-2024
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 135 members across 31 African countries
- Onboarded 3 new member organisations
- Created 38 knowledge products and held 4 webinars for fisheries projects with FAO
Practice area Impact networks
Investment years 2020-present
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 1,192 network participants
- Delivered connections across its vibrant, evolving network membership
Practice area Impact networks
Investment years 2016-19; 2022-25
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 20 members across 5 West African countries
- 10 capacity development and networking events
- Hosted 3 SGB Learning Labs, 2 SGB Action Labs and ANDE’s first Global Conference outside the USA
Practice area Impact networks
Investment years 2023-2024
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 100+ members with 80% based in Africa
- Members’ impact focus: gender (50%), climate (22%), SMEs (18%)
- Successfully completed design of its Pathfinder Warehousing Facility
Practice area Investments
Investment years 2017-present
Region Africa
VISIT PARTNER PROFILE
In 2023:
- $15.3M invested in sub-Saharan Africa
- 8 investments in companies in sub-Saharan Africa
Practice area Impact networks
Investment years 2018-2024
Region Global
VISIT PARTNER PROFILE
In 2023:
- Delivered mentoring and engagement for network coordinators through the Network Leadership Series
- Provided network strategy support to 5 of Small Foundation’s network partners
Practice area Investments
Investment years 2023-2024
Region Africa
VISIT PARTNER PROFILE
In 2023:
- Launched and screened 50 companies, with 10 in pipeline and 4 in active due diligence
- 2 deals completed, with 1 in Kenya and 1 in Uganda
Practice area Investments
Investment years 2016-present
Region Kenya & Tanzania
VISIT PARTNER PROFILE
In 2023:
- 1,252 leases
- 56% of leases in agriculture
- $6.5M net lease balance in agriculture
Practice area Impact networks, research
Investment years 2020-2023
Region Kenya
VISIT PARTNER PROFILE
In 2023:
- Strengthened convening power and network engagement; strong cooperation between members
- 5,000+ SME members
- 156 rural SMEs linked to markets, capacity building, and access to financeÂ
Practice area Investments
Investment years 2015-present
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 2 new funds in development (Cameroon and Guinea) and 11 new SMEs invested in
- More than 1,600 permanent jobs created or maintained
- Local investment capital raised for each fund
Practice area Investments
Investment years 2022-2023
Region Nigeria
VISIT PARTNER PROFILE
- Disbursed $721,392 to farmers (all-time)
- 3,554 metric tonnes of produce sourced and fulfilled (all-time)
Practice area Impact networks
Investment years 2023-2025
Region Africa
VISIT PARTNER PROFILE
In 2023:
- 989 ecosystem members (majority jobtech platforms)
- 104 platform members
- 25 impact investors
- 782 people attended jobtech events
- 14,124 unique consumers of learning content
Practice area Research
Investment years 2023
Region Kenya
VISIT PARTNER PROFILE
In 2023:
- Feasibility and business plan completed for agtech platform for regenerative input seeds
Practice area Impact networks
Investment years 2018-2023
Region Global
VISIT PARTNER PROFILE
In 2023:
- 6 new members, 2 new regional working groups
- Members highly aligned (93%) on common purpose
- Found to be highly beneficial (90%) to member organisations
Practice area Impact networks
Investment years 2022-2025
Region Global
VISIT PARTNER PROFILE
In 2023:
- 252 members across 28 African countries
- 362 fellowship applications submitted (153 from Africa)
- Successful 8-week pilot of Foresight Training Course
Practice area Impact networks
Investment years 2020-21, 2023-26
Region Uganda
VISIT PARTNER PROFILE
In 2023:
- 47 individual participants and 205 member organisations
- 7 network convenings
- 80% gained connections for business dealings
Practice area Investments
Investment years 2020-present
Region Ghana, Sierra Leone
VISIT PARTNER PROFILE
In 2023:
- Served 12,553 smallholder farmers, 5,299 of whom were female
- Trained 1,549 smallholder farmers
- Increase in revenue of 407% from previous year
Looking ahead
Here we offer a glimpse of how our partners are facilitating collaboration and increased investment to support the economic growth of rural communities across sub-Saharan Africa in 2024 and beyond.