Africa Eats, a venture capital firm backing agribusinesses across Africa’s food value chain, is preparing to list an exchange-traded fund on the Nairobi Securities Exchange (NSE) as it looks to attract investment from Kenyan retail and institutional investors.
The Mauritius-listed fund says it is awaiting regulatory clearance from the Capital Markets Authority before launching the product. The proposed ETF will offer investors exposure to Africa Eats itself alongside its portfolio companies, packaging the fund’s assets into a single, tradable vehicle. Like other ETFs, the product will trade on the exchange similarly to ordinary shares, with prices determined by market demand and supply.
Africa Eats currently holds stakes in 24 companies, including three that are also listed in Mauritius. Its Kenyan investments include Nyota, a producer of frozen vegetables and cereals, Chicken Basket, which supplies chicken feed and markets poultry, and Boka Eats, a manufacturer of animal feed serving smallholder farmers.
The fund opted for an ETF structure rather than cross-listing its companies on the NSE, citing the limited presence of foreign firms on the bourse. Africa Eats chief executive and co-founder Luni Libes said the exchange currently hosts only one foreign listing, Bank of Kigali, making an ETF a more practical route. Under the fund’s longer-term strategy, individual portfolio companies may be listed in their home markets, while Africa Eats itself remains listed in Mauritius.
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If approved, Africa Eats would become the NSE’s third ETF, joining the Absa New Gold ETF and the Satrix MSCI World Feeder ETF. The fund has invested about Sh1.8 billion ($14 million) across its portfolio and holds roughly Sh129 million ($1 million) in cash. Collectively, the companies generated Sh7 billion ($55 million) in revenue in 2025.
Africa Eats does not currently draw dividends from its investments, preferring portfolio firms to reinvest earnings to accelerate growth. Initially funded by family offices, the firm brought in institutional investors following its listing in December 2024. Libes, alongside co-founders Jumaane Tafawa and Lilian Nshangeki, positions Africa Eats as a long-term capital vehicle inspired by Berkshire Hathaway, with an ambition to hold minority stakes in fast-growing food and agriculture businesses for decades.
Beyond Kenya, the fund’s portfolio spans Ghana, Uganda, Malawi and Ethiopia, reflecting its focus on scaling supply chains across Africa’s agrifood sector.
