KENYA – Mr. Green Africa, a Kenyan plastics recycling pioneer, has received a major round of investment from impact-driven investors and key industry stakeholders to scale its business model across the continent.
The investment round was led by DOW, a leading material science company that will support MGA innovations on plastic collection and recycling, and product development, with a focus on flexible packaging feedstock.
The deal shows the company was able to attract impact investors to embed sustainable environmental and social impact at its core as it was also able to engage critical plastics supply chain stakeholders to ensure business decisions are guided by contextual expertise and remain future-proof.
Other investors included Minderoo, through its ‘No Plastic Waste’ and ‘Walk Free’ initiatives, which will support MGA in their impact journey with a particular focus on improving the livelihoods of informal waste pickers and making them part of the MGA supply chain in a sustainable way
Joining them was AlphaMundi Group (AMG), a Swiss impact investing manager specializing in small enterprise finance in emerging markets, with a regional office in Nairobi, investing through its AlphaJiri Investment Fund (AJIF).
The remaining investors were The BESTSELLER Foundation, a circular economy focused Impact Investor that helps innovators tackle one of the biggest challenges of our time; DOB Equity, a leading Dutch family-backed impact investor in East Africa and Global Innovation Fund, a non-profit innovation fund headquartered in London, that invests in the development, rigorous testing, and scaling of innovations targeted at improving the lives of the world’s poorest people.
The company plans to create a new sourcing stream by integrating consumers from all income brackets incentivized to deposit plastic waste back into the MGA collection systems.
To ensure a replicable and internationally accepted value chain, benchmarks & standards on quality and traceability will be key and MGA has already done important leg work on this topic and is looking to release a business model-specific framework that will enable it to measure and monitor its impact growth.
Keiran Smith, Co-Founder, and CEO of Mr. Green Africa said that: “We are delighted to bring together and align such diverse groups of partners and investors to join this journey of Mr. Green Africa. It’s a testament to the authenticity of the vision & purpose of what the company and its people stand for.”