Mirepa Investment Advisors Ltd. has announced a strategic investment in MoringaConnect Inc, known commercially as True Moringa, a prominent supplier of natural skincare and wellness products, as well as organic bulk ingredients. True Moringa’s products are exported to the United States, Asian, and European markets, and the company has established a significant supply chain that spans from Ghana’s farms to the shelves of major retailers like Whole Foods Market in the U.S.
True Moringa has made notable strides in social and environmental impact. The company has created 80 jobs, supported 6,500 women and family farmers, and planted three million trees, contributing to reforestation efforts and carbon sequestration in Ghana. The investment from Mirepa Capital SME Fund I is expected to further strengthen True Moringa’s local supply chain and enhance its distribution capabilities in the U.S. and European markets.
Enyonam Kakane, Head of Portfolio Management at Mirepa Investment Advisors, commented on the investment: “This transaction underscores our commitment to the agricultural sector and our focus on gender-lens investment. True Moringa has demonstrated exceptional leadership in exporting organic certified products and has shown resilience and integrity in its operations. We are excited to support them on this journey.”
Kwami Williams, co-founder of True Moringa, expressed his enthusiasm for the partnership: “We are beyond excited to collaborate with Mirepa Investment Advisors toward our vision of moving 20,000 farmers from poverty to middle income by 2034. Historically, most of our investments have come from outside Ghana. It is significant to see a seasoned Ghanaian investment team like Mirepa investing in Ghanaians, rewriting the narrative of local investment.”
The story of True Moringa began in January 2013 when Kwami Williams and Emily Cunningham found themselves working in rural Ghana by different paths. Emily, frustrated by the disconnect between her development economics studies at Harvard and the realities of the developing world, sought to make a tangible impact. Kwami, born and raised in Ghana before immigrating to the US at the age of 8, had graduated from MIT with a degree in aerospace engineering and was starting a career at NASA. However, a mentor challenged him to return to his native Ghana, leading to his fateful meeting with Emily.
In Ghana, they were introduced to the moringa tree. NGOs encouraged farmers to cultivate moringa for its nutritional benefits — gram for gram, the leaves contain more iron than spinach, more protein than yogurt, and more calcium than milk. Despite this, farmers struggled to earn a living from moringa due to lack of market access. Kwami and Emily took the unused seeds of the tree back to their labs at MIT and discovered how to cold-press them into a nourishing oil that outperforms argan, jojoba, and shea. This innovation led to the founding of True Moringa, with a mission to make wellness simple, affordable, and accessible to all.
Mirepa Investment Advisors, licensed by the Securities and Exchange Commission of Ghana, specializes in managing private equity and venture capital funds. The Mirepa Capital SME Fund I focuses on providing patient capital for early-stage businesses and SMEs in Ghana, particularly in technology, light manufacturing, and cleantech sectors, with investment amounts ranging from $200,000 to $2 million.
This investment aligns with Mirepa’s broader mission to support high-growth SMEs and contribute to economic development in Ghana. In August 2023, Mirepa announced the successful initial close of its SME Fund I, with a capital of GHS 120 million ($10.5 million), backed by notable local institutions such as the Venture Capital Trust Fund (VCTF) and various pension funds.
This investment in True Moringa aligns seamlessly with Mirepa’s overarching mission to empower high-growth SMEs and drive economic development within Ghana. It exemplifies a growing trend of local investment firms recognizing and nurturing the potential of homegrown businesses, contributing to a more robust and sustainable economic ecosystem.
