AgDevCo last year launched AgDevCo Ventures to provide flexible debt and technical assistance to Africa’s small agriculture businesses. The strategy builds on the nonprofit impact investor’s 17-year track record providing growth capital to small and mid-sized businesses improving Africa’s food security, agricultural livelihoods and market linkages for export. 

Whereas its core growth strategy writes checks of $3 million to $12 million, the Ventures division is turning downmarket to businesses needing $1 million to $3 million. Businesses at this stage fall in the “missing middle”: they’re too small to secure mainstream financing but too big for microfinance.

Ireland-based…