Horn Products Uganda Ltd, a Ugandan company that manufactures ornaments, products for the apparel industry and a smorgasbord of accessories has secured USD1400,000 (about Shs527 million) in mezzanine debt from iungo capital.
According to a letter from iungo capital obtained by SautiTech, the money will be used to “increase the company’s sourcing capacity.”
Located along Gayaza Road, Horn Products Uganda has for the past several years been using horns from the Ankole cows to make a variety of products while creating jobs for lots of Ugandans.
The Ankole cow is popular among African tribes like the Masai of Kenya, The Hima of Uganda and the Tutsi of Rwanda among other cattle-keeping tribes in Sub-Saharan Africa.
The shell of a cow is majorly made of Keratin, which, when heated, allows the horn to be molded into different shapes.
Iungo capital is an investment company that provides finance and support to East African SMEs.
The company works with local angel investors and it is also supported by organizations like The DOEN Foundation, Schooner Foundation, Argidius among others.
Pauline Namujuzi, who works with the Central Bank of Uganda, is one of the angel investors in Horn Products Uganda.
Meanwhile, Iungo has also invested Shs1 billion in Morning Star Enterprise (U) Ltd, which manufactures stationery products.