Corno Africa Fishing Company (“CAFCO”) is one of the largest fishing companies in Puntland. CAFCO was founded in Mogadishu in 1988, however due to conflict and instability, the company relocated to Bossaso and Bander Bayla in 1992. Today CAFCO has a diversified revenue stream that includes services such as selling fresh fish, selling fuel for fishing boats, repairing and servicing outboard engines, and refilling oxygen tanks for lobster divers. CAFCO aimed to sell its fish in additional domestic and foreign markets but was limited by the challenges of preserving fish throughout the supply chain.
With Shuraako-facilitated financing, CAFCO expanded its fish preservation capabilities by building out its cold chain. CAFCO is now leveraging fish freezing technology which locks in nutrients, texture, moisture, and flavor. This technology preserves fish in its peak condition, resulting in a higher market price. The investment has enabled CAFCO to enter additional markets, increase its revenue, and reach more customers.