Fund manager (General Partner), AVCA member, impact investing in Madagascar. Assets under management: ≈ USD 20m.
Criteria published by the fund, recorded and checked by Invest Matching.
Recent public deals: they say better than a thesis what the fund actually signs.
Senteurs et Saveurs du Monde - Ilanga Nature
2022 · MadagascarGrowthUndisclosed amountEquityAgribusinessCo-Lead
Activity : Honey, botanicals and natural ingredients
Vehicle : Miarakap
Ilanga Nature, founded in 2017, is a leader in producing and exporting hive products (honey, wax) and other natural products: jams, spices, vanilla, essential oils, natural cosmetics, with sites in Antananarivo, Manakara and Fort-Dauphin.
Why they invested
- Established leadership in exported hive products
- Diversification into natural products/cosmetics
- Multi-site presence with dedicated logistics infrastructure (barge on the Pangalanes canal)
Co-investors Mitsiry (Matching Grant Program)
Source : miarakap.comN1 · Primary source
ADI'Gasy Company
2022 · MadagascarPre-Seed20 k$GrantAgribusinessLead
Activity : Agricultural inputs and services
Vehicle : Mitsiry (Start-up Program)
ADI'Gasy Company produces a neem-based biopesticide (PESTIGASY) in the Menabe region, sourcing from local farmer associations in Morondava, aiming to eliminate chemical inputs from Malagasy agriculture.
Why they invested
- Chemical-free organic agriculture
- Local sourcing from smallholders (fair income)
- Neem-tree reforestation linked to the supply chain
Source : miarakap.comN1 · Primary source
Stephaina Beauty
2022 · MadagascarGrowthUndisclosed amountEquityBusiness & personal servicesLead
Activity : Beauty, sport and wellness
Vehicle : Miarakap
Stephaina Beauty is a chain of beauty salons specializing in nail care, with 5 salons in Antananarivo and Toamasina and 150 employees, committed to vocational training for vulnerable youth.
Why they invested
- Formalizes a largely informal sector
- Already-established multi-site network (5 salons)
- Inclusive vocational training for vulnerable youth
- Experienced founder-entrepreneur
Source : miarakap.comN1 · Primary source
Ando Pepiniere
2022 · MadagascarPre-Seed20 k$GrantAgribusinessLead
Activity : Forestry, agroforestry and carbon
Vehicle : Mitsiry (Start-up Program)
Ando Pepiniere, based in Farafangana, produces and distributes seedlings and seeds and provides agricultural services (training, supervision, studies and expertise), with 9 employees since launching in 2020.
Why they invested
- Ambition to lead regionally/nationally in agricultural inputs
- Contributes to reforestation
- Local job creation in Farafangana
Source : miarakap.comN1 · Primary source
Le Complexe
2022 · MadagascarGrowthUndisclosed amountEquityTourism & hospitalityLead
Activity : Hospitality and catering
Vehicle : Miarakap
Le Complexe, founded in 2016, is the leader in corporate catering in Madagascar, serving over 7,000 balanced meals daily, diversifying into event catering, with 217 employees.
Why they invested
- Established leadership in corporate catering
- Significant operating scale (7,000 meals/day)
- Zero-waste policy and local sourcing
- Diversification into event catering
Source : miarakap.comN1 · Primary source
Honey of Madagascar
2022 · MadagascarPre-Seed20 k$GrantAgribusinessLead
Activity : Honey, botanicals and natural ingredients
Vehicle : Mitsiry (Start-up Program)
Honey of Madagascar specializes in collecting, processing and exporting honey, aiming to restore international customer trust in Malagasy honey and to develop the country's beekeeping sector.
Why they invested
- Malagasy beekeeping sector with strong export potential
- Quality positioning to regain trust of international markets
- Dual local and export market anchoring
Source : miarakap.comN1 · Primary source
Charbon Mitsinjo
2022 · MadagascarPre-Seed5 k$GrantEnergyLead
Activity : Clean cooking
Vehicle : Mitsiry (Start-up Program)
Charbon Mitsinjo collects agricultural waste and marine debris and turns them into cooking briquettes, an alternative to charcoal, in the Atsimo-Andrefana region.
Why they invested
- Low-carbon alternative to charcoal
- Reduces pressure on forests
- Valorizes agricultural and marine waste
Source : miarakap.comN1 · Primary source
ECTA
2022 · MadagascarPre-Seed5 k$GrantAgribusinessLead
Activity : Cocoa, coffee and export crops
Vehicle : Mitsiry (Start-up Program)
ECTA produces and exports chocolate (EKA brand) from Sambirano-region cocoa, positioned as luxury chocolate, and contributes to preserving heirloom cocoa varieties (Criollo, Trinitario).
Why they invested
- Premium export positioning ('luxury chocolate')
- Preservation of heirloom cocoa varieties and biodiversity
- Local job creation in the Sambirano region
Source : miarakap.comN1 · Primary source
Mycofarm
2022 · MadagascarPre-Seed5 k$GrantAgribusinessLead
Activity : Fruit, vegetables and market gardening
Vehicle : Mitsiry (Start-up Program)
Mycofarm produces and sells oyster mushrooms grown from organic waste, with the challenge of popularizing the product in everyday Malagasy diets.
Why they invested
- Circular valorization of organic waste
- Innovative food product with strong nutritional potential
- Technical support and rebranding by Miarakap
Source : miarakap.comN1 · Primary source
EXA Food (EXA Miarakap Madagascar)
2022 · MadagascarGrowthUndisclosed amountEquityAgribusinessLead
Activity : Livestock and animal production
Vehicle : Miarakap
EXA Food farms and processes insects (crickets) into protein-rich flours to fight malnutrition in Madagascar, with additional animal-feed and soil-nutrition divisions. Founded in 2021 by Vincent Lucas and Brian Fischer, building on 15 years of research by the Madagascar Biodiversity Center.
Why they invested
- Addresses malnutrition through a low-carbon alternative protein
- Founding team backed by 15 years of local R&D
- Job creation in vulnerable regions
- Converts organic waste into fertilizer
Source : miarakap.comN1 · Primary source
Jiro-Ve
2022 · MadagascarGrowthUndisclosed amountEquityEnergyCo-Lead
Activity : Mini-grids and rural electrification
Vehicle : Miarakap
Jiro-Ve is a social enterprise founded in 2014, a pioneer of rural electrification in Madagascar, providing energy access to low-income populations through a lamp-rental and power-bank-charging system run by local franchisees.
Why they invested
- Energy-access model tailored to remote rural areas
- Established social pioneer since 2014
- Local franchise network, scalable model
- Co-financed via IPAT/AFD and the Mitsiry/USAID matching-grant program
Co-investors Agence Francaise de Developpement (AFD), IPAT (I&P Acceleration Technologies), USAID (Mitsiry Matching Grant Program)
Source : miarakap.comN1 · Primary source
Soanay
2022 · MadagascarPre-Seed5 k$GrantAgribusinessLead
Activity : Fruit, vegetables and market gardening
Vehicle : Mitsiry (Start-up Program)
Soanay, part of the first Mitsiry accelerator cohort, processes fruits, vegetables and herbs into dried products in Fort-Dauphin, with ambitions of regional and national expansion.
Why they invested
- Valorization of local agricultural products through drying
- Promotes responsible agriculture
- Regional/national expansion potential
Source : miarakap.comN1 · Primary source
Supermarché.mg
2021 · MadagascarGrowthUndisclosed amountEquityE-commerceLead
Activity : Online retail
Vehicle : Miarakap
Supermarche.mg, founded in 2018, offers home grocery-delivery for urban and peri-urban households in Antananarivo, specializing in fresh produce and locally-made (Vita Malagasy) goods.
Why they invested
- First mover in food e-commerce in Antananarivo
- Positioning on fresh and local products
- Ambition to become Madagascar's e-commerce reference
- Differentiated ecological angle
Source : miarakap.comN1 · Primary source
Malakass
2021 · MadagascarPre-SeedUndisclosed amountGrantAgribusinessLead
Activity : Food processing
Vehicle : Mitsiry (Start-up Program)
Malakass develops the cassava sector via an organic- and fair-trade-certified processing unit producing high-quality flour for local and European markets, supporting 40 farmers through the K.A.M. cooperative.
Why they invested
- Value-added cassava sector with organic/fair-trade certification
- Experienced founder (ex-BNP Paribas, INSEEC)
- Impact on 40 farmers via a cooperative
- Export outlets to Europe
Source : miarakap.comN1 · Primary source
Sayna
2020 · MadagascarGrowthUndisclosed amountEquityEducationCo-Lead
Activity : Vocational training
Instrument : 100 000 EUR via IPAT (I&P Acceleration Technologies) · Vehicle : Miarakap
Sayna is the first innovative digital school in Madagascar, sourcing, training and placing African digital talent: the school advances training fees and helps students get hired on international IT assignments to repay the fees from their first income.
Why they invested
- Innovative deferred-repayment training model
- Addresses the African tech-talent shortage
- Co-investment with IPAT and Monaco Cooperation
- Placement on international IT assignments
Co-investors Cooperation monegasque (Gouvernement de Monaco), IPAT (I&P Acceleration Technologies)
Source : miarakap.comN1 · Primary source
HaiRun Technology
2019 · MadagascarGrowthUndisclosed amountEquitySaaSLead
Activity : IT services and software development
Vehicle : Miarakap
HaiRun Technology, founded in October 2016 and headquartered in Antananarivo, provides software development services to SMEs and startups across France, Europe and North America, with subsidiaries in Fianarantsoa and Paris and about 200 employees.
Why they invested
- Ambition to lead Madagascar's software-development sector
- Diversified international client base (France, Europe, North America)
- Diversification through a tech training center (GE-IT)
- Synergy with SmartPredict (SaaS platform)
Source : miarakap.comN1 · Primary source
PAIQ (APEM PAIQ Miarakap Madagascar)
2019 · MadagascarGrowthUndisclosed amountEquityFinancial servicesLead
Activity : Microfinance
Vehicle : Miarakap
PAIQ is a microfinance institution licensed since 2012, offering individual and group loans plus training and health-mutual services through 9 branches, aiming to triple its loan portfolio and issue 15,000 new microloans over five years.
Why they invested
- Established, licensed microfinance institution
- Strong potential to expand loan portfolio
- Social impact through financial inclusion
- Needs governance and IT-systems support
Source : miarakap.comN1 · Primary source
SmartPredict
2019 · MadagascarSeedUndisclosed amountEquitySaaSCo-Lead
Activity : Data and AI
Vehicle : Miarakap
SmartPredict develops an AI SaaS platform (beta January 2020, v1 February 2021) and provides IT development services, with a 35-person team in Antananarivo.
Why they invested
- Positions Madagascar in innovative tech sectors
- Creates skilled jobs (developers, data scientists)
- Experienced founder (10+ years in ICT in Paris)
- Co-investment with IPAT/AFD strengthens structuring
Co-investors Agence Francaise de Developpement (AFD), IPAT (I&P Acceleration Technologies)
Source : miarakap.comN1 · Primary source
Vatel Madagascar
2019 · MadagascarGrowthUndisclosed amountEquityEducationCo-Lead
Activity : Higher education
Vehicle : Miarakap
Vatel Madagascar, a franchise of the international Vatel group, offers a 3-year Bachelor's and a 2-year Master's specializing in ecotourism, plus a vocational training center (Fanorona) for vulnerable populations, present in Morondava and Sainte-Marie.
Why they invested
- Recognized international brand (Vatel) adapted to the local market
- Inclusive vocational training for vulnerable populations
- Geographic expansion (Morondava, Sainte-Marie)
- Co-financed via the Mitsiry/USAID program
Co-investors USAID (Mitsiry Matching Grant Program)
Source : miarakap.comN1 · Primary source
Chicky
2018 · MadagascarGrowthUndisclosed amountEquityTourism & hospitalityLead
Activity : Hospitality and catering
Vehicle : Miarakap
Chicky is a fast-food chain specializing in chicken, with two open restaurants (Behoririka and Tana Water Front) and plans to open around ten more outlets in the medium term.
Why they invested
- Replicable fast-food concept
- Ambition to become a major player in food distribution
- Multi-site expansion plan
Source : miarakap.comN1 · Primary source
Miarakap invests tickets ranging from 50 k$ to 1 M$, across the following sectors: Agribusiness, Business & personal services, Retail & distribution, Education, Media & entertainment, Tourism & hospitality, E-commerce, Energy, SaaS, and Financial services, in the following areas: Madagascar. Check in 30 seconds whether your company fits these criteria.
