Description
SOUK is one of the largest grower and exporter of fresh horticultural produce from Rwanda. The Company’s principal business involves cultivating, processing and exporting high quality fresh organic horticultural produce from Rwanda to international markets. Its key export crops are Avocados, Bird Eye Chili, Habanero, and French Beans. These are exported mainly to Europe (Belgium, France, Netherlands, Germany, Switzerland), United Kingdom, and UAE. SOUK’s farming operations are spread across c.150 hectares of land in Rwanda. The Company cultivates on four large farms under lease agreements, and also manages a network of over 1,200 out-growers and contract farmers across Rwanda.
Market Opportunity/ Problem
SOUK’s overarching mission is to become a sustainable agricultural food producer and partner in Rwanda. Rwanda’s diverse soils and temperate climate allow it to grow a range of fruits and vegetables all-year-round giving it an advantage over exporters from Kenya and Tanzania. The value of Rwanda’s exports of fresh fruit and vegetables has grown exponentially at a 43.7% CAGR between 2016-2020 and is expected to continue growing at a CAGR of 69.8% to 2024. The market is highly fragmented with around 120 registered companies engaged in the export of fruits and vegetables from Rwanda to regional and international markets. SOUK is currently ranked among the top 5 exporters (by volume and revenue) from Rwanda. With SOUK’s current growth trajectory, it will be the leading exporter in Rwanda by 2023.
Company Information
Years of operation
2
Type of organization
Private company
Stage of the business
Growth stage
Agribusiness focus
Value addition/ processing
Agriculture value chain(s) focus?
Cash Crops
Primary country of operation
Rwanda
Other country(ies) of operation
N/A
How many employees does your business have?
33
Does the business have more than 30% women ownership?
No
Does the business have more than 30% youth ownership (under 35 years)?
Yes
Financing and expansion overview
How much capital is the company currently fundraising (US$)?
>1m
What is the split between equity and debt?
Equity or debt