Beyond Good

Deal Summary

In June 2024, Ceniarth provided a $1,000,000 line of credit to Beyond Good (legal name Madecasse LLC) in partnership with another family office who provided an additional $1,000,000. This facility supports the working capital needs of Beyond Good, a business that sells chocolate and vanilla sourced from Madagascar and Uganda into the US market. The company operates a factory in Madagascar which employs ~100 people and sources cocoa directly from farmers to produce chocolate bars. By removing intermediaries in the supply chain, Beyond Good ensures that smallholder farmers are paid at a premium and are treated fairly.

The line of credit was increased by $1,000,000 ($500,000 provided by Ceniarth) in May 2025.

Beneficiary Impact

The chocolate value chain is typically very fragmented with many intermediaries between the cocoa farmers and the chocolate manufacturers, often resulting in farmer poverty, child labour and other well documented negative impacts. Beyond Good operates a factory in Madagascar which allows them to source organic cocoa directly from farmers, thus removing most of those intermediaries and reducing costs while ensuring that farmers are treated fairly and receiving a premium price, 3-5x “fair trade.” Additionally, the company sets up annual contracts with farmers, providing financial stability and reducing market uncertainty. With its anchor farmers, Beyond Good guarantees the purchase of 100% of their crops, providing additional security and encouraging new cacao, shade, and fruit tree plantings. Finally, the company provides capacity building support to strengthen farmers’ resilience, including facilitating organic certification, providing training programmes and offering agroforestry support. This results in thriving farmers and protected ecosystems.

Intermediary Impact

In addition to long-term partnerships with smallholder farmers in Madagascar and Uganda, Beyond Good provides a more general proof of concept for in-country manufacturing and the removal of intermediary layers in the supply chain. If successful, the business could have a system-wide impact, encouraging other industry players to adopt this cost-effective and sustainable approach.

Capital Additionality

We are providing Beyond Good with working capital to support their growth and ensure the business can scale and reach profitability while continuing to generate high impact for farming communities in Madagascar and Uganda. Our loan is additional as it provides the flexibility the business needed for a more efficient cashflow management.