Sustainable Investments
Closed fundAnnona Sustainable Investments
Annona Sustainable Investments was an SME investment fund active in Latin America and Africa. The fund invested in small and medium enterprises through equity, hybrid and debt instruments — focused on the agri-food and sustainable tourism sectors.
Track record
Impact investing in emerging markets
Annona Sustainable Investments provided medium- and long-term capital to SMEs in Latin America and Africa — typically CAPEX and EBITDA growth capital. The fund supported businesses that create value for local communities — from agricultural producers and food processors to sustainable tourism operators. Investments were structured as equity participations, mezzanine instruments and senior debt, depending on the needs and maturity of each enterprise.
Investment focus
Agri-food
Investments in agricultural production, processing and distribution — supporting SMEs that strengthen local food systems and create livelihoods for smallholder farmers.
Sustainable tourism
Capital for tourism enterprises that combine economic returns with environmental conservation and community development in Latin America and Africa.
Equity, hybrid & debt
Flexible investment structures tailored to each enterprise — from equity participations and mezzanine instruments to senior debt facilities.
Geography
Latin America & Africa
The fund was active across multiple countries in Latin America and Sub-Saharan Africa, investing in SMEs that operate in regions where access to growth capital is limited but the potential for sustainable impact is significant.
Portfolio
Selected investments
Over its lifetime the fund made 11 investments across Latin America and Africa. Below is a selection of portfolio companies.
🇨🇴Caravela Coffee
Equity · Agri-food · Bogotá, Colombia
Caravela is a specialty green coffee company that sources directly from smallholder farmers across Latin America using direct-trade principles. During Annona's eight-year investment, Caravela expanded from one export operation to seven export and three import operations across the continent. Green coffee sales volume grew from under 1,000 to nearly 5,000 tonnes per year — a sales CAGR of 25.6%.
25.6%
Sales CAGR
4,000+
Farmers sourced
27
Export markets
88%
Premium over commodity price
In 2019 Annona successfully exited its position when Oikocredit acquired the equity stake for US$ 4.7 million. Caravela has been a certified B Corp since 2014 and continues to operate as one of Latin America's leading specialty coffee exporters.
Other portfolio companies
🇰🇪🇹🇿🇺🇬Asilia Africa
Sustainable tourism · East Africa
Leading safari operator with 17 camps and lodges across Kenya, Tanzania and Uganda. Over 1,000 employees. B Corp certified, with a conservation-first model that turns ecologically vulnerable areas into viable conservation economies benefitting local communities.
🇧🇴Agricafé
Specialty coffee · Bolivia
Bolivia's leading specialty coffee producer and exporter. Family business since 1986 with own farms in Los Yungas and Santa Cruz, combined with smallholder sourcing programmes. Exports single-origin and microlot coffees to North and South America, Europe, Asia and Australia.
🇲🇽La Próxima Estación
Frozen fruits & vegetables · Mexico
Family-owned frozen fruit and vegetable processor in Irapuato, Guanajuato. Operating since 1985 with two IQF plants (75M lbs annual capacity), company-owned organic greenhouses, and certified supplier network. SQF Level 2, CERES organic and Primus certified.
🇲🇽Expohort
Frozen vegetables · Mexico
Exportadora de Hortalizas — processor and exporter of frozen and freeze-dried vegetables based in El Marqués, Querétaro. Operating since 2010, shipping 2 million lbs per month primarily to the US market. Rigorous food safety and quality certifications.
🇨🇴Bio-Stevia
Organic stevia · Colombia
Pioneer in organic stevia sweeteners, based in Cali. Over 30 years in the Colombian market and 20 internationally, exporting the Erba Dolce brand to the US, Latin America and the Middle East. 44% revenue growth in 2024.
Fund management
Annona Sustainable Investments BV has been managed since 2008 by Walter Hetterschijt.
The fund was awarded Best-for-The-World by B Lab in 2016 and 2017, and became B Corp certified in 2019.