Invest in a future where nutritious food is accessible to all.
N3F is the first fund entirely dedicated to nutrition in Sub-Saharan Africa. N3F finances SMEs producing nutritious food for lower-income consumers in the region.
This fund is a partnership between Incofin and the Global Alliance for Improved Nutrition (GAIN).
It includes cornerstone investors such as the United States Agency for International Development (USAID), the Government of the Netherlands, and the Swiss Agency for Development and Cooperation (SDC).
Key Statistics
According to the FAO’s 2023 report on ‘The State of Food Security and Nutrition in the World’:
- Over 281 million people in Africa are undernourished.
- Nearly one in four people in Africa faced severe food insecurity in 2022.
Our Mission and Impact
Goals
N3F aims to address the malnutrition crisis by supporting African small and medium enterprises (SMEs) within the nutritious food value chain. The SMEs that the fund finances are involved in the provision of affordable, safe, and nutritious local food.
N3F wants to act as proof of concept to mobilize additional finance that specifically targets nutrition, by demonstrating that nutrition is investable and drawing lessons to catalyse future nutrition investments.
Our goal is to generate over 514 million additional servings of nutritious food, benefiting more than 7 million lower-income people over the next decade.
Impact Statistics and Projections
By investing in N3F, you are contributing to a future where millions have access to nutritious food, driving significant social and economic progress.
How We Operate
Blended Finance Model
N3F combines public and private funds to create a sustainable investment model that attracts capital and achieves risk-adjusted financial returns. This innovative structure promotes a steady flow of investment into high-impact projects.
Focus on SMEs
We support SMEs that produce and distribute high-quality nutritious food, empowering local communities and boosting economic growth. Our investments help scale these businesses, increasing their capacity to serve lower-income households in Sub Saharan Africa.
Technical Assistance Facility
In addition to financial support, N3F provides tailored technical assistance managed by the Global Alliance for Improved Nutrition (GAIN). At both the pre- and post-investment stages, GAIN works with partner SMEs to:
- enhance business management and performance;
- improve nutritional outcomes and food safety;
- develop and validate metrics targeting nutrition-sensitive investments.
Investee Stories
N3F invests in companies from diverse sectors and across the value chain.
Shalem Investment Ltd (Kenya)
Shalem Investment Ltd is a Kenyan SME involved in aggregating smallholder farmers’ produce and producing fortified maize and wheat flours, essential for staple foods like Ugali and porridge. Fortified flours are vital in addressing malnutrition by offering an affordable source of micronutrients, particularly in rural areas of low- and middle-income communities where access to diverse and nutritious foods is limited. Our investment in Shalem helps expand their capacity, increasing the availability of high-quality fortified flour to local communities and improving nutrition across Kenya.
Good Nature Agro (Zambia)
Good Nature Agro is a Zambian SME specializing in legumes and seeds, partnering with over 15,000 smallholder farmers. The company plays a significant role in enhancing food security by providing quality beans and groundnuts, either as seeds for replanting or as food for household consumption. Recently recognized among Africa’s fastest-growing companies, Good Nature Agro continues to scale its impact in Zambia and beyond. Our investment supports their mission to provide smallholder farmers with access to high-quality inputs, ultimately boosting food security and nutrition in the region.
Couvoir Amar (Senegal)
Couvoir Amar is a company operating in Senegal’s poultry sector. By increasing domestic production, Couvoir Amar aims to make poultry more affordable for lower-income groups. It encourages intake of nutritious protein through poultry consumption, which in Senegal remains among the lowest in the world. Poultry meat is a source of high-quality protein and micronutritients like zinc. The company also helps to create jobs in rural communities, impacting positively particularly women and youth.
Meet Our People
“Through N3F, we are addressing the funding gap for SMEs in Sub-Saharan Africa. Our focus is clear: supporting businesses where it matters most. With deals already in the works across East and West Africa, the impact is real, and the opportunities are concrete.”
“N3F represents a pioneering approach to investing in nutrition. We aim to share success stories of impact and sustainability, crowd-in additional capital, and achieve the nutrition targets of SDG 2 on ‘Zero Hunger’.”
Invest in Impact Today
For more information or to invest, please contact:
Kapil Kanungo
PE & Fund Development Manager
kapil.kanungo@incofin.com
+32 478 48 00 19
Stay Informed
Explore the latest news and insights on nutrition and impact investing.
