Insaan, an impact investment entity that allocates philanthropic capital to tackle poverty, concludes its 7th investment and its first catalytic investment in Madagascar, with the support of Les Placements Elysée, by investing alongside Miarakap in the start-up Malakass, specializing in the transformation of cassava into high quality flour. Malakass’ vision is aligned with the national 'Vita Malagasy' (Made in Madagascar) strategy and targets a region vulnerable to famines.

Malakass, founded in 2021 by Houssen Mebobaly, is on a mission to contribute to the development of the cassava sector around Tulear (Toliara), in the Atsimo-Andrefana region, through an eco-conscious factory, aiming to transform the "white gold from the South" (i.e. manioc) into High Quality flour, certified organic and fair, for both the local market and European countries who are major importers of this high added value, gluten-free product used in baking and pastry-making by artisans and manufacturers.

«I started the business by investing my own savings and with the support of my family. Today I am happy to be able to count on the financial and strategic support of Miarakap and Insaan Group to establish our factory and scale up. Toliara can become a great agricultural hub of Madagascar, and I hope that Malakass will stand out as a pioneer and model in our region!» explains Houssen Mebobaly, founder of Malakass.

The Malakass factory, ideally located near its network of cassava producers, the RN7 (national highway) for supplying the Malagasy market, and the international port of Toliara for export, will have a total production capacity of 1000 tonnes per year and will be able to count, for its supply, on a network of more than 200 farmers, a large part of which will be grouped together within the ‘KAM’ cooperative, founded by Malakass and directed by Pélagie, a young farmer firmly established in the region.

Convinced by this ambitious project, the skills, openness and strong vision of the promoter, Insaan Group, in close partnership with Miarakap, decided to invest in Malakass, for a minority stake that will allow the young company to put into operation its factory, structure its supply network, obtain the essential certifications for export and implement commercial and communication actions that will allow the brand to be widely distributed in Madagascar. Farahnaz Karim, CEO of Insaan explains: “We are delighted to have co-invested with Miarakap, an impact fund focused on start-ups and SMEs in Madagascar, as the CEO, Emmanuel Cotsoyannis, and its excellent team, have unparalleled experience and access to support these new businesses, and a passion that we share to create a lasting impact in Madagascar.”

 ABOUT INSAAN

Insaan is an impact investing entity that allocates philanthropic capital to tackle poverty. Supported by donations from philanthropists and foundations, and pro bono engagement from high-level experts, Insaan aims, in alignment with the United Nations Sustainable Development Goals, to improve the living conditions of the most disadvantaged by creating jobs, and supporting the development of products and services relevant to under-served markets, specifically in sub-Saharan Africa and India.

To know more: www.insaangroup.org - farahnaz@insaangroup.org

 ABOUT MIARAKAP

 Miarakap is the first impact investment company dedicated to financing and supporting Small and Medium Enterprises (SMEs) and start-ups with high potential in Madagascar. Co-founded by Investisseurs & Partenaires (I&P), Emmanuel Cotsoyannis and a group of Malagasy investors, Miarakap provides capital and support to ambitious and responsible entrepreneurs to support them in carrying out their growth projects.

 To know more:  www.miarakap.com – contact@miarakap.com