Kenyan plastics recycler Mr. Green Africa boosted by a diverse group of investors
● Current investors DOB Equity and Global Innovation Fund follow-on in this Series B round and are joined by some of the leading pioneers in the plastics industry
● The investment is a first of its kind in Sub-Sahara Africa where a very diverse group of investors have come together with their individual expertise to try to solve one of the biggest challenges of our time in a unique way - plastic waste.
● The deal will help Mr. Green Africa scale its circular economy driven business model across the region
Mr. Green Africa, a Kenyan plastics recycling pioneer, has been boosted by a major round of investment by impact driven investors and key industry stakeholders to scale its business model across the continent.
The investment will allow Mr. Green Africa to build on its success and scale its business model. The company will do so by improving the supply chain and paying its waste pickers a living wage. Mr. Green Africa also plans to increase the capacity of the production plant to process 15-20,000 Metric Tonnes of plastic waste in the East Africa region.
Mr. Green Africa’s purpose is to turn WASTE TO VALUE and make a localized circular economy in emerging markets common place. The deal shows the company was able to attract impact investors to embed sustainable environmental and social impact at its core. Mr. Green Africa was also able to engage critical plastics supply chain stakeholders to ensure business decisions are guided by contextual expertise and remain future proof.
The deal involves some of the leading pioneers in the plastics industry and impact investors, including:
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.
Minderoo, through its ‘No Plastic Waste’ and ‘Walk Free’ initiatives, will support MGA in their impact journey. In particular there will be a focus on improving the livelihoods of informal waste pickers and making them part of the MGA supply chain in a sustainable way.
AlphaMundi Group (AMG), a Swiss impact investing manager specialized in small enterprise finance in emerging markets, with a regional office in Nairobi, investing through its AlphaJiri Investment Fund (AJIF).
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
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.
By improving the output quality of its recycled plastics to a food-grade standard and significantly increasing the capacity, Mr. Green Africa will contribute to a broader circular plastics economy. 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 are key. 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 - just like MGA measures its revenue growth month on month, it will measure its impact growth.
Keiran Smith, Co-Founder and CEO of Mr. Green Africa, comments: “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.”