Paris, 3 November 2015. Last night, Monday 2 November, Social Finance Week opened with the presentation of the Social Finance Awards. Nutri’zaza, the social enterprise set up in 2013 to sustain the 10 years of actions led by NGO GRET to fight against malnutrition in Madagascar, received the “Entrepreneurship in developing countries” award. A significant mark of recognition for the company’s contribution to development as well as of the role played by socially responsible savings in this innovative adventure, thanks to the support of solidarity investor SIDI, a founding shareholder of Nutri’zaza with 22% of share capital.
“This prize is a significant mark of recognition for Nutri’zaza, which is now in its third year of existence”, says Mieja Vola Rakotonarivo, director of Nutri’zaza. “When GRET set the company up in 2013, with the other shareholders – SIDI, Taf, I&P and Apem – we decided to reconcile economic profitability and social objectives. Since Nutri’zaza was set up, more than 15,000,000 meals were distributed via its various distribution networks, especially in restaurants for babies (hotely jazakely) and via mobile sales in vulnerable districts: so we managed to develop the activities GRET had been leading since before Nutri’zaza was set up. There is no doubt that if we are succeeding, it is thanks to the cooperation of all stakeholders, shareholders, socially responsible savers, municipalities, partners who are members of the ethics committee and support from funders such as the AFD.”
Nutri’zaza was in fact a 10-year project before it became a company. It was in 2002 that NGO GRET developed a food product to supplement mother’s milk called Koba Aina which is suitable for the requirements of children between the ages of 6 and 24 months. Accessible to disadvantaged populations, this fortified flour for babies is distributed via an original network: Hotelin-jazakely (restaurants for babies). “We believe in multi-stakeholder partnerships to guarantee long-term results”, explains Olivier Bruyeron, Managing Director at GRET. “Having provided proof of the usefulness and feasibility of the scheme thanks to official development aid for projects, we brought together private and non-profit partners as well as investment funds that also believed in the project. It was the search for a governance model that would guarantee a long term social mandate that led us to collectively innovate with support from our Find endowment fund.”
And among these key stakeholders are the socially responsible savers, these men and women who invest their capital to support social businesses all over the world via solidarity investors. “It’s thanks to socially responsible savings that SIDI was able to take the risk of investing capital in Nutri’zaza”, says Catherine Bellin-Schulz, partnerships coordinator with SIDI. “The SIDI shareholders focus first and foremost on social profitability, they accept that SIDI takes risks and innovates as a solidarity investor with stakeholders such as Nutri’zaza. In addition, SIDI has the means to actively participate in the governance of Nutri’zaza, thanks to revenue from shared saving products offered by CCFD-Terre Solidaire, the NGO that created SIDI. In other words, Nutri’zaza would not have been able to develop in this way without thousands of savers at the other end of the chain.”
Let’s wager that this Solidarity Finance Award will contribute to the development of Nutri’zaza while at the same time consolidating its action. It will surely also be a source of inspiration for other investors focusing on fairer development.
Nutri’zaza: Mieja Vola, firstname.lastname@example.org, +33 (0)7 58 79 48 25 or +33 (0)7 83 88 36 50 (in France until 4 November); (261) 32 110 08 29 (Madagascar)
GRET: Carine Azevedo, email@example.com, +33 (0) 6 89 53 26 89
SIDI: Laurent Chéreau, firstname.lastname@example.org, +33 (0)1 40 46 70 10
Nutri’zaza, the success of a multi-stakeholder partnership – Three questions to Mieja Vola Rakotonarivo, director of Nutri’zaza, Olivier Bruyeron, Managing Director of GRET, Chairperson of the board of directors of Nutri’zaza, and Catherine Bellin-Schulz, partnerships coordinator at SIDI, administrator of Nutri’zaza
Nutri’zaza, a social business fighting against malnutrition in Madagascar – Slideshow