News

August 2018

Lagos, Nigeria

 

SO FRESH NEIGHBOURHOOD MARKET RECEIVES €360,000 EQUITY INVESTMENT FROM TRIPLE I AS PART OF THE IMPACT INVESTMENTS INITIATIVE

So Fresh Neighbourhood Market (So Fresh) has just signed an equity investment agreement of 360,000 Euros with Inclusive Impact Investments (Triple-I). The transaction is in tandem with Triple-I’s goals to increase social impact in developing countries; thus, So Fresh is strategically placed as a recipient of the investment, as a small and medium enterprise in Nigeria.

So Fresh is a fast-growing business venture with five stores across Nigeria. Starting out with an investment of $12,000 and three persons, the healthy food chain has grown to having staff strength of almost 100 persons, and a net worth more than $2.5 million. With the investment from Triple I, So Fresh will receive technical support to further pursue its strategic transformational goals, in line with its mission to ensure that healthier food options are available to Nigerians across the country. The investment will increase the supply and delivery options for fresh, safe, nutrient-rich food.

So Fresh Neighbourhood Market is poised to be the national premier option for clean eating, providing healthier alternatives across socio-economic divides. In the next two years, So Fresh will strive to create over 150 new jobs across 10 new outlets and multiple Nigerian cities. In addition, the growth goal is to reach the small holder farmers, as the organization expands its supply chain locally.

The CEO, Olagoke Balogun stated that values of Oxfam Triple I “Impact First”, is aligned with that of So Fresh, “As an organisation we understand that nations thrive and succeed on the backdrop of an energetic and healthy populace. Hence beyond providing easy access to Fresh Healthy Meals, we inspire and motivate citizens to adopt a healthy lifestyle.

We are very excited about this growing partnership. By investing in us, Oxfam can continue to chart out a path to meaningful growth and create a brighter future with a large social impact footprint i.e. greater employment, higher income equality and better access to relevant services and products for people living in poverty. On the other hand, So Fresh will grow its business profitably and sustainably, while fulfilling its mission of ‘Inspiring everyone to live fresh and live healthy”.

 

About So Fresh Neighbourhood Market Ltd.

So Fresh Neighbourhood Market is Nigeria’s pioneer and leading healthy food chain, committed to offering the highest quality products and services.

About Inclusive Impact Investments

Inclusive Impact Investments (Triple I) is an impact investment fund powered by Oxfam and Lime Tree Participations. The principal objective of Triple I is to maximize social impact by providing small and medium-sized enterprises in developing countries with risk capital, business development assistance and impact measurement services, helping them to realize their full business potential and to achieve growth and long-term success.

For further information, please contact:

Chief Operations Officer

So Fresh Neighbourhood Market

Email: info@sofreshng.com

 

SME Development Programme Coordinator

Oxfam

Email: Michael.Adeola@oxfam.org