We invest in small and medium enterprises (SMEs) in emerging markets that exhibit promising growth potential. Over the past 20 years, we have partnered with over 300 companies across 22 countries, investing in a broad range of industries. In each of these partnerships, SEAF has responded to the unique capital, technical and managerial needs of our entrepreneurs, creating with them lasting financial and development growth. These relationships share stories about potential, adversity, opportunity, and success, and they highlight the need for, and benefits from SME investing. Below, find a representative selection of profiles on our portfolio companies.


Afghan Growth Finance


Habibullah Haseeb Printing and Advertising Company (HHPAC) is one of the leading printing and design companies in Afghanistan established in 2001. The company offers high quality precision printing services using a range of international quality materials and printing processes.

kaboora logo

Kaboora is the largest private film and television production house in Afghanistan. The company works with a range of local and international producers, creative directors, cinematographers, script writers, camera people, actors and composers to produce high quality and innovative content.


A joint venture partnership with Qaderdan Rural Technologies Development Workshop (QRTDW), Quality Management Construction (QMC), and International Home Finance and Development LLC (IHFD) launched a pilot project to design and build five renewable energy systems (wind and solar) for the Afghan National Army facilities just east of Kabul.

Victor Big Top-sm
Victor Pipe Industries

Victor Pipe Industries (Victor) is Afghanistan’s only metal tubing manufacturer of its kind in the country. The company specializes in the production of quality products, catered to the specifications of each client and at lower costs than similar products imported into Afghanistan.

Harirod Big Top
Harirod Construction Company

Harirod is one of Afghanistan’s largest and most respected heavy construction and materials supplier companies. The company has successfully completed numerous mega and diversified construction projects, both in the public and private sector.

Central Asia Small Enterprise Fund

Aqua Tudakul

Aqua Tudakul is a fish-farming firm located in Uzbekistan.

Business Leasing 3
Business Leasing

Established in May 2004, Business Leasing is one of the first companies in Uzbekistan to provide leasing specifically targeted at SMEs, supporting emerging private businesses that, with access to financing, have the potential to grow into dynamic and profitable companies. Business Leasing focuses on auto and equipment leasing.

SEAF Blue Waters Growth Fund

Hoa Binh Corporation

Established in 1989, Hoa Binh Corporation (HBC) produces, assembles and distributes a variety of power generators and agricultural machinery and other equipment essential to powering the country’s population and modernizing Vietnam’s farms.

Victoria Healthcare

Victoria Healthcare (Victoria) operates local private medical clinics that meet international standards and provide demand-driven services that fill the gaps of and lessen the load on the public healthcare system. Victoria is widely recognized as one of the best private healthcare providers in the Vietnam and Ho Chi Minh City.

SEAF Sichuan SME Investment Fund


BangBangWa produces beef snacks in modern packaging in China. The company sources its ingredients primarily from local farmers in the Sichuan province, providing these producers with a reliable alternative to local markets where sales are made at much lower prices.

Chengdu Qili

Chengdu Qili Water Treatment designs, assembles and sells equipment that disinfects water by producing and dosing chlorine dioxide, a commonly used disinfection agent. In addition to its equipment and chemical feedstock sales, the company provides customers with expert post-purchase service and maintenance.

Hui Ji

Hua Long was a snack foods wholesaler and distributor, buying branded snack foods from regional manufacturers and selling them to leading convenience chains and supermarkets in Sichuan Province. Hua Long’s founder launched Hui Ji in 2001 as an independent snack food producer and manufacturer to capitalize on his unique industry expertise selling other manufacturers’ products.

Central and Eastern Europe



Established in 1991 as a limited liability company to distribute ice cream products under the brand name “Darko,” the company produced their products in a state-owned facility located in Varna.

KEN processing

Sunshine Exports (Sunshine) is a Peruvian produce exporter focused on providing high-quality products at competitive prices by packaging and selling fresh mangos from local farmers to international markets

Emerging Europe Capital Partners I

Sun Farm

Founded in 1990, Sun Farm manufactures generic drugs in Poland. Sun Farm was the leading producer of Acesan, a drug similar to aspirin, used to treat minor aches and pains. The company now also manufactures drugs for treating hyperthyroidism, cholesterol, and dietary supplements.


Symbio began in Poland in 1998 as a start-up organic produce distributor. Symbio now distributes organically grown fruits, vegetables, grains and herbs from contracted local small-holder farmers.

Georgia Regional Development Fund

Delta Comm Ltd

Delta Comm Ltd (Delta) is one of Georgia’s main suppliers and service providers of Information and Communication Technologies (ICT), providing individual consumers, businesses and the government with a reliable, secure and affordable high-speed Internet option throughout Georgia.


Madai is a Black Sea anchovy fishing company in the Republic of Georgia. The company was established in 2006 and delivers fresh fish to Georgian inhabitants.

Piunik Georgia Ltd

Since 2002, West Gold Ltd. has been importing hatching eggs and day-old chicks from Armenia for sale in the Republic of Georgia. In 2008, Piunik’s local partners decided to branch out from West Gold to develop the Georgian poultry operations independent of the larger Armenian parent company.


Rcheuli is geared to meet international standards for service and comfort and is Georgia’s first multi-city hotel chain. To increase international exposure and build occupancy, Rcheuli has participated in tourism exhibitions held annually in Georgia and negotiated sales leads with various local and international tour agencies.

SEAF Croatia

Mine-clearing vehicle

Just before the war with Serbia in 1991, local Croatian entrepreneurs established DOK-ING Ltd. to sell, install, and service satellite television and video systems, as well as other technical devices used by Croatian police such as Anti-Mine Vehicles (AMVs).

SEAF Croatia / SEAF Central and Eastern Europe Growth Fund

SEAF Central and Eastern Europe Growth Fund / Emerging Europe Capital Partners I


Medifarm is a leading Croatian drug and pharmaceutical products distributor, whose distribution and wholesale include domestically and internationally manufactured medicines, vaccines, lab reagent and test kits, bandages, disinfectants, insecticides and cosmetics. Medifarm’s customers include hospitals, pharmacies, and wholesalers.


BPSC is a Management Information Systems (MIS) and Enterprise Resource Planning (ERP) software provider with a long relationship with SEAF

SEAF Macedonia


In 1992, just a year after Macedonia established its independence, a group of professional, experienced journalists founded Krug as the country’s only newspaper publishing company independent from government influence. Krug became Macedonia’s largest privately owned distribution network for print media.


Founded in June 2000, On.Net is a leading provider of telecoms and broadband services in Macedonia, where it is the second largest internet service provider. Now a subsidiary of Slovenian Telecom, On.Net offers a range of services to residential and corporate clients including internet access, web-hosting services, leased line, Virtual Private Networks, and SMS based applications.

SEAF South Balkan Fund


Founded in 1995, Gomex is a fast-growing grocery store chain in northern Serbia.

PC Centar

PC Centar is one of the biggest Serbian ICT and CE distribution companies, engaged in wholesales and corporate sales of personal computers, accessories, peripherals, consumer electronics and home equipment. The company is also engaged in development, sales and implementing of ERP and Web software.

SEAF Trans-Balkan Bulgaria Fund

Teletek Electronics

In 1991, Teletek Electronics launched as an alarm systems installer in Sofia, Bulgaria. Since then Teletek has become the biggest Bulgarian manufacturer specializing in a full range of intruder and fire alarm systems in addition to communication modules and software applications for use in security systems and monitoring centers.


Founded in 2001, Artima Retail Investment Company S.A (Artima) is located in Romania. The company, now a subsidiary of Carrefour, operates as a chain of super markets. The quality, consistency, and diversity of products and services made Artima stores unique in the environments in which they operated.


Incorporated in 1991 in Sofia, Bulgaria, Mercurius now ranks second in Bulgaria’s office supply retail market, holding an 18% market share. In contrast to its competitors, Mercurius is a lean company, operating without retail stores and instead depending on website and catalogue purchases, primarily from corporations and government agencies.

Baltics Small Equity Fund

Frozen Food Latvia

Founded in 2000, Frozen Food Latvia (FFL) engages in the distribution, marketing, and transportation of frozen food in Latvia. The company offers ice-cream products, fish products, bread products, milk products, snacks, condiments, and vegetables.

Latin America

Fondo Transandino Colombia


Founded in 1996, Agroaromas is a Colombian herb grower and distributor that exports fresh herbs around the world, with its primary market located in the U.S. In 2003, the company partnered with Infinite Herbs as its exclusive distributor to market and distribute herbs in the U.S. Since then, the company has become one of the top three fresh herb distributors in the country.

Inmaculada Guadalupe
Inmaculada Guadalupe

Founded in 1982, Inmaculada Guadalupe y Amigos en Cia S.A. (Inmaculada) runs Andres Carne de Res, the leading theme restaurant in Colombia and one of Bogotá’s more visited attractions. Beginning as a restaurant that served only five tables, Inmaculada has grown considerably as a restaurant and a popular event location.


Inverdesa is the primary health club operator in Colombia with a popular chain of gyms and physical fitness facilities. The company is based in Bogota.


Refinancia is a purchaser and manager of non-performing loans and distressed consumer debt portfolios focused on the consumer credit market in Colombia. Since inception, the Company has purchased these distressed consumer debt portfolios from Colombian banks and focused on a commercial-oriented collection strategy.

Latam Growth Fund & Latam Peru Fund

Fondo Transandino Peru

Bosques Amazonicos

Bosques Amazonicos (Bosques) is a Peruvian sustainable forestry and carbon sequestration company. Founded in 2005, the company has since emerged as a global leader in the development and commercialization of forestry and environmental assets, certified sustainable logging, land management, and carbon dioxide emissions reductions.

Andean Experience

Andean Experience (AE) is a Peruvian tour operator and boutique hotel developer. Incorporated in February 2004, AE is a Peruvian company that offers high-end eco-tours to destinations across Peru including the Amazon, the Machu Picchu’s Sacred Valley, the highlands of Cuzco, Peru’s northern beaches, Lake Titicaca and the city of Lima.

Hidroelectrica Santa Cruz

GCZ Ingenieros (GCZ), a Peruvian company with over 20 years of experience in the construction and operation of small hydro power plants, founded Hidroelectrica Santa Cruz (HSC) in 2006. HSC builds and operates small hydro power plants along the Santa Cruz River in Ancash, Perú. HSC’s plants produce run-of-the-river hydroelectricity that uses the natural flow and elevation drop of the Santa Cruz River to temporarily divert portions of the water flow to generate electricity.


SEAF SME Debt Facility & SEAF Global SME Facility


Matras was founded in the 1980s during Poland’s martial law period as an underground distribution network for pamphlets, newspapers and banned books of the pro-democracy group Solidarity. After the dissolution of the communist Polish government in 1989, Matras became a federation of independent regional book wholesalers, transforming it into a fully formal corporation.


Outsourcing S.A.C. (Outsourcing) is a Peruvian logistics company incorporated in 2000. Outsourcing facilitates international business in Perú by providing “tailor-made” logistical support to domestic sellers and international import companies. The integrated services that Outsourcing provides include: transportation and reception of products, inventory storage, preparation of orders and physical distribution

Sunshine Exports

Sunshine Exports (Sunshine) is a Peruvian produce exporter focused on providing high-quality products at competitive prices by packaging and selling fresh mangos from local farmers to international markets.