NAIROBI, Kenya, Oct 28 – Two Kenyan businesses have been selected for a 12-month accelerator programme that will help five African enterprises prepare to raise a combined $10 million in investment.

Acacia EPZ, a gum arabic exporter, and ForestFoods, an agroforestry business, will join the first cohort of the Nature-First Innovation Lab (NFIL), which is run by FSD Africa, Systemiq and the African Natural Capital Alliance.

The programme is backed by UK International Development and Norway’s development cooperation agency, Norad.

Acacia EPZ, founded in 2015 by Sam Ombogo Nyamboga, exports gum arabic, a natural ingredient used in soft drinks, sweets and medicines. The company works with collectors, more than 70% of whom are women, who depend on acacia trees for their livelihoods.

The company provides buyers with a traceable source of gum arabic as conflict in Sudan disrupts supplies from the country. Its revenues have grown by 56% over the past two years, according to the programme announcement.

ForestFoods uses syntropic agroforestry, a farming method that combines trees, crops and livestock to support soil regeneration. The company operates farms near Limuru, Naivasha and Naro Moru and is developing another site at Shimba Hills.

The accelerator will help the two businesses strengthen their financial planning, governance and measurement of environmental impact as they prepare to approach investors. Participants will also receive grants and introductions to potential investors.

NFIL does not take equity in the businesses, but aims to help them meet the requirements investors look for when assessing funding opportunities.

The three other businesses selected for the programme are Forested, which works with smallholder farmers in Ethiopia, Kenya and Uganda to supply natural ingredients to international beauty brands; Tanzania’s NovFeed, which converts organic waste into fish feed and fertiliser; and Ghana’s Savanna Agri Chains, which sources shea butter and baobab from more than 1,000 women harvesters.

The programme focuses on businesses whose revenues depend on maintaining or restoring forests, farmland and other natural resources.

Dorothy Maseke, head of the African Natural Capital Alliance Secretariat and lead for nature finance at FSD Africa, said some African businesses struggle to attract commercial investment despite having viable products and generating revenue.

The programme is intended to help them strengthen their business models and meet investor requirements, she said.

Acacia EPZ founder and chief executive Sam Ombogo Nyamboga said the company aims to maintain Kenya’s acacia woodlands while providing income for the families who collect gum arabic.

ForestFoods co-founder and chief executive Sven Verwiel said the programme would help the company strengthen its farming and processing operations as it expands to Shimba Hills.

According to research by FSD Africa and McKinsey Sustainability cited in the announcement, an estimated 62% of Africa’s gross domestic product depends on nature.