Guanomad is a leading organic fertiliser producer in Madagascar. The company extracts bird and bat guano from bat caves and processes them into organic fertiliser products. Products are sold to both the local and international markets.
The main challenge for the company was lack of liquidity after the economic crises, which had been created by international sanction after the coup. Additionally, local and international awareness of the product was minimal.
The AAF SME Fund has invested $2.8m in Guanomad since June 2013. The Fund sought to shift Guanomad’s strategy from being a government and NGO-tendered business to a more globally oriented business. The Fund also aimed at developing a more export-centered market supported by a research-focused local market. The investment went into financing new equipment, marketing and other working capital needs.