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What One Acre Fund has learned five years after an infusion of $20 million in catalytic capital

Social enterprise
Five years ago, One Acre Fund received a $20 million subordinated debt facility from a group of catalytic capital investors, including The MacArthur Foundation, The ELMA Growth Foundation, Ceniarth, Jasmine Social Investments, Netri Fundación, and A to Z Impact, and supported by a guarantee from the Ezrah Charitable Trust.
By Clémence Michelsen and Brian Heese

Our rapid growth, the inherent volatility of our earned revenues, our nonprofit structure, and our operations in rural Africa all made lenders cautious, and this facility aimed at attracting new senior lenders by de-risking their investment. Five years later, we share our learnings in an article on ImpactAlpha - and explain how this infusion of catalytic capital has reshaped what is possible for One Acre Fund and put us on track to reach 10 million farmers by 2030.