Al Fatxi Fishing Company (“Al Fatxi”) began operations in 2004 in the port city of Berbera, Somaliland. The owner launched his business with a $150 of savings; and generated revenue by buying fish in Berbera and reselling them in Hargeisa. After six months of operations, the owner opened his first shop in Hargeisa, and used the profits to purchase a small fishing boat. Prior to receiving a capital investment, the company owned two boats and managed two others. The company needed additional funding to grow its fleet and increase its fish supply.
Today Al Fatxi has three retail locations – in Hargeisa, Burao, and Berbera – and is the supplier for a fish store in Borama. The Shuraako-facilitated investment has enabled the company to purchase two additional boats and motors, fishing equipment, and a fuel tank. The investment created 6 additional jobs and doubled Al Fatxi Fishing Company’s monthly revenue.
Shuraako believes in responsible investments that abide by environmental, social, and governance (ESG) standards. Shuraako employs a review and monitoring system to identify and address ESG issues facing each investment.