Deal Summary
In June 2025, Ceniarth provided a $750,000 one-year loan to Upendo Honey (legal name: Third Man Ltd) in partnership with another family office who contributed an additional $750,000. This marks the fifth iteration of our lending relationship with Upendo as we continue to support its working capital needs. Upendo sources organic honey from beekeepers in Tanzania, processes it at its facility in Kigoma in northern Tanzania, and exports finished products to clients in Europe and the US.
Beneficiary Impact
Upendo works with approximately 4,500 beekeepers, the majority of whom are not full-time beekeepers. Instead, more than 50% of their income typically comes from other occupations such as farming or taxi driving. Registered beekeepers gain access to regular training sessions, group meetings with field officers, and a network of 12 Centres of Excellence – resource hubs with educational materials and on-site staff to offer guidance and answer questions.
A key area of impact is the premium price Upendo pays for organic honey, which is estimated to increase beekeeper incomes by 21% to 40%, depending on local market conditions. Upendo is able to pay this premium because it is the only certified organic honey buyer in Tanzania, has access to export markets, and operates a processing facility that achieves significantly higher yields than individual beekeepers can attain on their own. Payments are made promptly and in full at the time of harvest.
Upendo is also the largest private-sector employer in Kigoma, with 143 employees, 60% of whom are full-time. In a region characterised by high levels of poverty, the provision of secure employment, fair wages, and regular training opportunities generates meaningful social and economic impact.
Intermediary Impact
Upendo’s social and environmental impacts are closely intertwined, as the production of organic honey actively supports forest conservation. Tanzania continues to face significant deforestation pressures driven by agricultural expansion, illegal logging, and unsustainable land-use practices. Upendo addresses this challenge by demonstrating that forests can generate sustainable livelihoods for local communities, thereby creating a direct economic incentive for their preservation.
Upendo is also taking steps to reduce the environmental footprint of its own operations. Since 2021, the company has planted 497 trees around its factory, provided environmental training to employees (covering topics such as waste management and resource efficiency), and installed new equipment to improve water quality, ensuring reliable access to potable water at the facility.
Capital Additionality
We are providing Upendo with working capital to support its growth, as the business’s cash conversion cycle is inherently long. We are currently their sole lender.
