Small Foundation Backs Unmarkets to Launch Four Agribusiness Ventures in Kenya

Small Foundation has made an undisclosed investment in Unmarkets, a Nairobi-based venture builder that develops food and agricultural businesses alongside established African-owned companies. The funding will support the launch of four ventures in Kenya and will be used for activities including equipment purchases, supply arrangements, product testing and the recruitment of operating teams. Small Foundation said it participated in the investment alongside other backers but did not disclose the size or structure of the transaction.

Building Businesses With Existing Companies

Founded in 2023 by Milan Samani, Unmarkets works with established food and agriculture companies to create new joint ventures. Its partners already have assets such as production facilities, supplier networks, brands, customers and experience operating in their local markets.

The local companies contribute capital and remain involved in managing the ventures. Unmarkets provides additional funding and takes responsibility for developing the new businesses, covering areas such as product design, branding, strategy, finance, management recruitment and operations. The model gives new ventures access to existing infrastructure and commercial networks rather than requiring them to build production and distribution systems from scratch.

Unmarkets operates through a $12 million capital vehicle backed by Shell Foundation and family offices. Its venture-building process begins with a 12-week design stage, during which Unmarkets and a prospective partner assess the business case, commercial objectives and potential impact.

Selected ventures then move into a launch phase lasting between nine and 12 months. During this period, Unmarkets and its local partner each invest between $250,000 and $500,000. Ventures that meet agreed financial and operational targets can later receive between $2 million and $4 million in follow-on funding to support expansion, management recruitment and the path toward positive cash flow.

First Venture Already Operating in Kenya

Unmarkets' first joint venture is Taraji Foods, a Kenyan food company developing a premium cassava-based snack brand. The business was created with Beju Shah, founder of Spice World, combining Unmarkets' venture-building approach with Shah's production experience and sourcing relationships.

Small Foundation had previously supported Unmarkets before making its latest investment. In 2024, the foundation provided a grant to help the company refine the legal and corporate structure behind its venture-building model, including ownership arrangements and incentives for local partners. The latest investment shifts that relationship from developing the model to financing businesses created through it.

Addressing Capital Needs in Food and Agriculture

Unmarkets is targeting a different set of financing challenges from those faced by many technology startups. Businesses involved in food processing, agricultural inputs, aggregation and manufacturing often need equipment, supply agreements, quality controls and physical distribution networks before they can generate meaningful revenue.

By combining capital with the infrastructure and market knowledge of established local operators, Unmarkets aims to reduce some of the costs and execution challenges involved in launching new businesses.

“We believe Africa’s next generation of agribusinesses will be built by combining the strengths of established local companies,” said Samani, founder and CEO of Unmarkets.