NRD Foundation Supports Jibu with First Philanthropic Pledge
Jibu, the Kenyan-based social enterprise has a few new backers in a successful, $7 million funding round that included the new NRD Foundation.
The foundation was inspired by Aziz Hashim, the successful multi-unit franchisee that created a franchise-focused private equity firm NRD Capital, to support social entrepreneurs and job growth around the world. The first focus for the foundation is Africa, where NRD Capital already has investments.
“Launching the NRD Foundation is merely the institutionalization of an activity which has existed since I started my career. Helping others improve their quality of life is a core ethic,” said Hashim. “Through the NRD Foundation, we will support organizations like Jibu with the same high-level financial and operational support we bring to our equity investments. By utilizing a franchise model to bring water and basic resources to underserved populations, Jibu is a natural fit for our first investment.”
Jibu is a pioneer of African social entrepreneurship, they’ve spoken at the UN and appeared on the cover of our own Franchise Times magazine. But their real success has been helping 200 locally owned, financially viable businesses launch across five African countries. To date, it has helped create more than 500 jobs and distributed more than 54 million liters of water.
Jibu co-founder and CEO Galen Welsch said it’s great to find a group so aligned with his mission.
“We are thankful for the NRD Foundation’s support and for the opportunity to work with a team that is so naturally aligned with our values and vision,” said Welsch in a press release.
The successful $7 million round of funding brings the total capital raised to $10 million. Backers in this round also included the Conrad N. Hilton Foundation, the Stone Family Foundation, Segal Family Foundation, Danone Communities, Asia Africa Investment & Consulting and the Maclellan Foundation.
“We are proud to have attracted a world class group of investors to help Jibu execute on our vision of funding and growing a network of co-invested business owners who will revolutionize the way critical resources are leveraged to meet basic necessities in emerging markets,” said Welsch. “Our successful Series B raise provides the capital for Jibu to significantly increase the speed and quality of Jibu’s expansion globally.”
Specifically, the company hopes to use the new funding to grow to 1,000 locations. Read more about Jibu’s altruistic mission of creating a water-based economy across Africa to foster economic development and update critical infrastructure here.