Founded in 1988, Corno Africa Fishing Company (“CAFCO”) is one of the largest fishing companies in Puntland. 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.
A 2016 Shuraako-facilitated investment supported CAFCO in increasing the market price of harvested fish through the procurement of a blast freezer and refrigerated truck. The investment was very successful, and in 2019, CAFCO received an additional Shuraako-brokered investment from the Nordic Horn of Africa Opportunities Fund, to support its purchase of an 80T fiberglass boat equipped with cool storage, increasing the company’s export efficiency.
CAFCO COMPANY HIGHLIGHTS
|Previous Financing:||Arsenault Family Foundation|