A Few Reflections on Impact Investing, Sustainable Food Systems, and What Keeps Me Curious: Anne Ngugi
"Creating impact is not simply about writing the first cheque. It is about what that capital enables over time."
In the latest edition of our Meet the Team series, Anne Ngugi reflects on her journey in impact investing and shares what continues to inspire her work supporting businesses across sustainable food systems.
From patient capital and founder partnerships to the opportunities shaping Africa's agricultural future, Anne offers thoughtful insights into what it takes to build resilient businesses with lasting impact.
What initially drew you into impact investing?
People often ask what drew me into impact investing and why I continue to find purpose in supporting businesses. The sectors that DOB Equity invests in – water & sanitation, sustainable food systems, renewable energy – all face significant challenges, and just not limited to climate change. The truth is that many of my views have evolved over time. What started as curiosity has gradually become a deeper appreciation for the role that thoughtful, patient capital can play in building resilient businesses and creating lasting value.
To begin with, it was curiosity. As the journey has progressed, it has become about growing in understanding.
I came to appreciate that creating impact is not simply about writing the first cheque. It is about what that capital enables over time—the businesses it helps build, the livelihoods it supports, and the long-term outcomes it creates for people and the planet.
I’ve also learned that investment decisions are ultimately decisions about people. The founders we choose to back, the governance we encourage, and the strategic choices businesses make all have ripple effects far beyond financial returns. That is why I place significant value on partnering with founders whose commercial ambition is matched by a genuine commitment to creating positive, lasting change.
What keeps you optimistic about African agriculture and food systems?
Opportunity.
Africa’s agriculture sector faces no shortage of challenges, but I have come to see challenges as fertile ground for innovation. Whether it is climate resilience, technology adoption, financing models, logistics, or value addition, each constraint creates space for entrepreneurs to develop practical solutions.
Perhaps what gives me the greatest optimism is the quality of founders working in the sector today. They understand local realities, build with resourcefulness, and remain focused on solving meaningful problems. Combined with expanding regional markets and improving technology, I believe the foundations for long-term transformation are steadily being built.
What’s something people often misunderstand about investing in agriculture?
Agriculture is often viewed as being too risky or too slow to generate attractive returns.
While the sector certainly comes with unique risks—from weather variability to fragmented value chains—those risks if well understood can be managed with innovative business models, partnerships, and patient capital.
Another misconception is that agriculture is simply about farming. In reality, it is an interconnected ecosystem spanning inputs, technology, processing, logistics, storage, distribution, financial services, and market access. Some of the most exciting investment opportunities emerge from strengthening these parts of the value chain rather than production alone.
What qualities stand out to you most in founders?
Resilience, creativity, and passion.
Building a business in many African markets requires navigating uncertainty almost every day. The founders who stand out are those who continue to move forward despite setbacks, adapt when circumstances change, and remain committed to solving real customer problems.
I also value humility and a willingness to learn. The strongest founders are rarely the ones who claim to have all the answers. They are the ones who listen, seek different perspectives, and continue refining their approach as the business grows.
Is there a portfolio company moment that has stayed with you?
Every portfolio company has its own story and brings its own DNA to solving a problem.
What has stayed with me most are not necessarily the headline milestones such as fundraising rounds or revenue growth, but the quieter moments—hearing how a product has improved a customer’s livelihood, seeing a team overcome an unexpected challenge, or watching a founder make a difficult decision that prioritizes long-term sustainability over short-term gain.
Those moments are a reminder that every investment is ultimately about people, and that lasting businesses are built through countless small decisions made well over time.
What does patient capital mean to you personally?
Patient capital is the willingness to invest with a long-term perspective while recognising that meaningful businesses rarely follow a straight path.
It means providing more than financial capital. It means offering strategic support, creating room for learning, and understanding that sustainable growth often takes longer than expected.
Patience should never mean lowering expectations. Rather, it means giving ambitious founders the time and support to build businesses that are resilient, commercially viable, and capable of creating enduring impact.
What excites you most about the future of the sector?
The convergence of innovation, entrepreneurship, and capital.
We’re seeing remarkable advances in climate-smart agriculture, digital technologies, financial inclusion, and supply chain solutions that were difficult to imagine only a few years ago. At the same time, there is growing recognition that investing in sustainable food systems is also an investment in food security, employment, environmental stewardship, and economic resilience.
I believe the next generation of African agribusinesses will increasingly demonstrate that commercial success and positive impact are not competing objectives—they can reinforce one another.
A little bit more about Anne, Coffee or tea?
Coffee.
Favourite place in East Africa?
Anywhere where nature and biodiversity have been preserved. Some of my favourite experiences have been in places that remind you how remarkable our natural heritage is and why protecting it matters.
What do you enjoy outside work?
Long walks, road trips, exploring historic crafts, and visiting art museums. I enjoy learning how things are made, whether that’s traditional craftsmanship passed down through generations or contemporary ideas expressed through art. Those experiences often offer a different perspective and, surprisingly, can inspire fresh ways of thinking about business and innovation.