Shell Foundation invests in Unmarkets to build African agribusinesses that raise smallholder incomes

Shell Foundation, an independent charity that supports underserved communities to increase their incomes while lowering emissions, has invested with Small Foundation in Unmarkets, a venture builder that creates new food and agribusinesses across Africa in partnership with established, family-owned companies. The investment is being delivered in partnership with the UK government’s Foreign, Commonwealth and Development Office (FCDO) through the Catalysing Agriculture by Scaling Energy Ecosystems (CASEE) programme through its Global Research and Technology Development (GRTD) portfolio and will support Unmarkets’ first wave of ventures following an earlier Shell Foundation grant that helped develop and test the model.

Across Africa, many of the most successful agribusinesses are family-owned enterprises built over generations. These businesses have developed capabilities that are difficult to replicate, including trusted relationships with smallholder farmers, deep market knowledge and established processing operations. While many have strong ambitions to create lasting social and economic value, they often face barriers when building consumer brands, accessing new markets or securing patient growth capital without giving up control of the businesses they have spent decades building.

Founded in 2023 by Milan Samani, Unmarkets was created to address these challenges. The company partners with established operators to create new, standalone businesses that are co-owned with family-owned agribusinesses. Partners contribute sourcing networks, processing expertise and local market credibility, while Unmarkets provides brand development, dedicated management capacity and long-term capital. The model is designed around a principle of shared prosperity, building commercially viable businesses that create value throughout the value chain, including for the smallholder farmers who supply them.

Behind the model is a team that has built and scaled consumer businesses across Africa and internationally, including the former Chief Executive of Tilda Rice and senior operators from companies such as Procter & Gamble and Colgate-Palmolive, alongside investors with extensive experience across African markets. Together, they bring the expertise needed to create businesses that neither partner could build independently.

Farmer income and climate resilience by design

Unmarkets sets impact objectives from the outset and embeds them within business plans and governance structures to ensure alignment between investors, operators and venture partners. Across its portfolio, the company aims to reach 200,000 smallholder farmers, at least 60% of whom are women, while increasing farmer incomes by at least 20%.

Each venture is designed to help farmers share in the value created. This includes providing more reliable market access through longer-term purchasing arrangements, access to improved planting materials and agronomic support to increase yields and quality. Where water availability constrains productivity, farmers can access solar-powered irrigation, helping extend growing seasons and improve resilience to changing weather patterns. Ventures also encourage regenerative farming practices such as intercropping nitrogen-fixing legumes, which improve soil health, reduce fertiliser requirements and create additional income opportunities.