Komaza, a Kenya-based forestry startup has raised US$28M to revolutionize Africa’s wood industry. The plan was to secure a US$33M Series B equity round.
The Series A funding round was co-led by Novastar LPs AXA Investment Managers and the Dutch Development Bank FMO. Mirova also participated through its Land Degradation Neutrality Fund.
Tevis Howard founded Komaza with a vision to become Africa’s largest forestry company. The forestry startup partners with farmers to establish a sustainable supply chain of wood. It pays 25000 farmers to raise tiny plots of trees for wood. The micro-forestry model is such that farmers get a steady and reliable source of income while the investors purchase wood products at an affordable price range.
Komaza’sbusiness model has doubled the number of commercial trees in Kenya. It has planted over 6 million trees since its inception, and Kenya is now one of the top commercial tree planters in Africa.
Also read: Novastar Ventures secures US$108M funding to invest in startups across East & West Africa
When compared to traditional plantations, Komaza uses satellite data and Artificial Intelligence to map the tree growth rate and uses a mobile app to track the progress of farmers. Its model represents a shift from costly plantations and represents an 80% cost disruption.
It previously received a US$200M funding round from Conservation International. Komaza plans to finance the planting of 1 billion trees by 2030.
Source: Tech Gist Africa