Agrikaab review (2020): Camels, greenhouses, stores and water ponds paying 20% in dividends

Background of Agrikaab

Agrikaab was founded in 2016 by Mohamed M Jimale, who was born in Somalia and moved to Sweden as a refugee. Having IT skills and ties back home to the nomads of Somalia, he decided to do something to help as drought hit East Africa.

I first learned about Agrikaab in 2017 when they were still called I loved the idea, but was really hesitant to invest, as it felt complicated. I remember it first seemed like you were to speculate on livestock prices, sheep and goats, and the camel milk business felt like an addon. The sheep and goat business came to an end in 2019, as what happens when a start up is trying to find its market fit.
"Our mission is to create new generation of farmers, contribute to the food security of the region and create jobs."

Nowadays Agrikaab builds also greenhouses and rainwater harvesting. As of spring 2019 the first produce is being harvested from the first greenhouses and rainwater harvesting projects have been started.

How Agrikaab works

You don't lend money to Agrikaab or its projects, you buy shares in them. You actually own a piece of that project, at least for a duration. Through this claim, you're entitled to profits from that project, until a certain milestone is met. At that point, Agrikaab has the right to buy back your claim with the same price.

You actually have two ways to invest on Agrikaab:
  1. You can head straight to their online shop and buy a claim in a project, OR
  2. you can sign up on the site and transfer money to the account first
I went for the 2nd option myself, but probably only because the first option was not available at the time. Now, I'd recommend using the first option, since it saves you one step. It's the same thing that I really enjoyed with Trine as well: you get your claim in a project immediately and don't need to wait days for your money to appear on the platform.

For transferring money, there are a wide variety of options, credit cards, bank transfers, even bitcoins. Since the bank account is in Kenya, where the company is registered, there's no SEPA bank transfer. International bank transfers can be pretty expensive, so between credit card and Transferwise. I went with Transferwise. They're very cost effective and trustworthy. Transfering 1 375 € (the price of a camel) cost me 8,41 € and took 3 days.

Needless to say, I bought a camel 🐪.

Investing on Agrikaab 


How it works in a nutshell:
  1. You buy a camel for its 12-month lactation period
  2. You get 70% of profits from selling the milk until 60% return on investment
  3. Agrikaab buys the camel back for the same price you bought it

With camels, to be eligible for dividends you must own at least 30% of the animal. The lactation period of a camel is about 12 months, so that is how long Agrikaab will pay dividends for it. At the end of the 12 months Agrikaab lets you sell the camel back to them for the same price you bought it for.

The selling back feels a little odd from an investor's point of view. Why not just continue owning whatever 1375€ worth of camel and be given dividend on the principal? This might be because due to cultural reasons it cannot be a loan structure. Instead, an investor must buy a claim to something.

Because of this, I actually own a camel that I could go pick up and take with me. Back when I invested, camels had a 32% return, but now it is expected to be 20%.

Water farm ponds

The quick run-down is:
  1. You invest in a farm pond. The money is used to build or renovate one.
  2. When it rains, Agrikaab will track how much water the pond captures. Every 6 months, investors will get $0.6 per 1000 liters.
  3. This agreement ends once the investor has receiver a 60% return on the investment. According to Agrikaab, this may take anything between 2.5 to 4 years.
Currently, the investment price of a cubic-meter of farm pond is $3 and the minimum size of investment is 50 m3 or $150. Currently there is a project that consists of two ponds being built, totalling 10,000 m3. With $ 30,000 you can fund the whole thing.


Again, in short:
  1. You invest in building or renovating a greenhouse
  2. Agrikaab operates the greenhouse and sells its produce.
  3. You are eligible for a revenue share on the produce until you've receiver 30% ROI. This might take 18 months, or more or less.
You invest in building or renovating a greenhouse by the m2. One square meter costs $10, and the minimum is 20 m2, or $200.

Agrikaab stores

Agrikaab stores will be one-stop shops for farmers to buy agricultural supplies, products, tools and small equipment - anything you might need. Products will be imported globally and sold locally to improve farming in Somalia. Finding proper supplies is one of the biggest challenges farmers face in Somalia.

You can buy shares of an Agrikaab store in units of $300, which corresponds to 0.25% of the store. Investors will get 70% of the net profit from stores after operating costs and inventory. This continues until the investor has received a 60% return on their investment, which is expected to happen in 3 years.

Payments will also be made on quarterly basis.


As of March 2019 there isn't much data on how well the greenhouse projects or the water harvesting works, financially. Agrikaab is committed to returning investors' money until certain return on investment is reached. 

Expected returnInvestment period
Camels20%Until 60% ROI
Greenhouses23%Until 60% ROI
Water harvesting15%Until 60% ROI
Stores20%Until 60% ROI

So, as you may guess from the details, it's not yet a mature business. The business logic is simple. Camels: own a camel a year, get milk. Greenhouses: invest in a greenhouse, get revenue share from food. Water harvesting: You wait for rain to fall and you get compensated by m3.

Use this Agrikaab compound interest calculator to check how such returns would work over longer periods of time. It's pretty crazy.

But I am trying so hard to look past the numbers only. I mean the numbers look pretty great, but there're other kind of returns here too. Perhaps equally important, if not even more so. These investments employ and feed people.

That's pretty cool.

Plus, it's not guaranteed to last for years.

Agrikaab Risks

I'd be a fool to be so gullible to think that there was no way this could blow up in my face. Agrikaab have said they are an agriculture company and therefore no strict regulation is required. Well, not quite. Agrikaab accepts deposits from investors, which then they hold on to for us. My money sits on their account that I can then invest into their projects. But since they are not an investing company, their operations are not as strictly regulated. The more their operation grows, the more difficult it becomes to keep track of investors' money and their own. I know.

But I've decided not to spend energy weighing whether to trust this charitable startup. I'm going to follow with keen interest how they develop as a startup. I've decided to trust the intentions of this company, and will consider other kinds of risks. You can laugh at me if things go south. 😉 Consider yourself warned though.

Crime and unrest is probably my biggest fear. The operations are not insured, and I have mixed feelings about that. If Agrikaab started to have trouble such as camels being stolen, food missing or structures destroyed, they'd be out of business. One of the main reasons they abandoned sheep and goats was that they got conned for hundreds of animals. Agrikaab does keep a team close by on their operations and they'll do what they can to avoid trouble, but then again, if something or someone destroys their operation, the investors will carry the risk.

In the case of sheep and goats, investors did actually lose money, as you can read from the comments as well. Here's a quote from Agrikaab's own blog regarding the small cattle:
This was and still is a risky project but we informed users who invested in the goats and sheep that we will take the responsibility for the losses and that we will pay them but unfortunately even that became difficult as we have not been able to get external investment or enough cash flow in the company.
The lesson to be learned: the risks are difficult to estimate and if a project fails, you can lose all of your capital.

There are those who call out Agrikaab as scam, and it's difficult to take a side on that argument. In the case of small cattle, Agrikaab says the project failed financially which meant investors didn't get their capital back. What if today Agrikaab told you someone killed all the camels? There isn't really a way for me to hold them juridically responsible. And how do you know they're not lying?

So, it's definitely a trust thing. If they lose trust, that's the end of it for Agrikaab. And let me be very clear:
Like with anything else I write about, if you decide to take part in any of the investment opportunities I write of, you do that at your own risk. ‼️

In a bombing in 2019, Agrikaab's office in Mogadishu were also destroyed. Two employees were injured, but while lives were lost, Agrikaab was lucky to not have anyone among them. In an email, Agrikaab explained that this can impact milk deliveries, since the law enforcement has significantly restricted access to the city. These are the kind of risks involved with Agrikaab.

Drought is a problem. What if it doesn't rain enough? There's no water to harvest and nothing to irrigate plants with. Buying water is expensive and hits both the greenhouse projects and cattle. I imagine the business cases have been calculated without operational farm ponds, so maybe this is mostly upside risk.

Eventually prices will go down. Which is a good thing! The whole point is to help this area to get trough a rough time by making the cost of living lower. Returns of camels have already slightly lowered, which is good.

Animal health related things are always a possibility. There's a vet checking up on the animals regularly, but they can still get sick. A camel might be infertile. Such losses are distributed by the whole herd, so an individual investor doesn't have to take that chance - same thing with a miscarriage or death. Animal health is a risk, but it is distributed across everyone.

Full disclosure and final thoughts

I own a camel 🐪 that I bought in March 2019. I love the feeling of investing through Agrikaab. I love the idea of owning a camel that produces food in Somalia. I don't think about the returns that much, although I admit I probably would not investing with Agrikaab, if it was a charity. The fact that it combines investing with helping the local community is perfect for me.

I consider Agrikaab to be extremely high-risk and I would not be very comfortable having more than 1% of my portfolio in it. If you are considering investing with Agrikaab, do consider all the risks first. For these reasons, Agrikaab gets from me three stars ⭐⭐⭐.

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