One Million

Farmers Served
2019 ANNUAL REPORT

A One Acre Fund farmer group prepares land for planting, Rwanda
 OPENING LETTER
Greetings from One Acre Fund. I had originally written this letter to celebrate an important milestone:
directly serving one million farmers each year. However, in the era of Covid-19, serving one million farmers
takes on new urgency.

Agriculture is more essential than ever. We simply cannot afford to compound a health crisis with a food
crisis. Most of the nations we serve in East Africa rely on food produced by smallholder farmers. One Acre
Fund farmers alone grow enough food to feed 15 million people. Our mission has never been clearer: we
must help farmers grow enough food to feed their families and feed their communities.

For rural farm families, Covid-19 is a dual crisis: a threat to both their health and livelihoods. Many rural
areas lack basic hand-washing supplies that can slow the virus’ spread. To earn a living, farmers depend on
free movement to access supplies and markets for their goods. The impact of the disease on a vulnerable
population could be immense.

But serving one million farmers is also a reason for hope. We’ve rapidly adapted our operations to keep
farmers safe and well-supported throughout this crisis. We accelerated input distribution to get crucial
supplies in farmers’ hands before lockdowns. We’re rapidly digitizing our trainings and repayments.
We’re distributing 2.5 million kilograms of soap. Our 6,500 field staff are actively promoting health best
practices in rural areas.

Through this report, we want to take a moment to reflect on the success of 2019 and celebrate the accom-
plishment of serving one million families that you’ve helped us to achieve. But please also know, we don’t
see this as an end achievement of itself. Instead, it’s a foundation from which to build; while this crisis is
daunting, it’s also challenging us to dream even bigger. We will flex and adapt in every way imaginable,
in order to keep our countries’ food engines--farmers--in business. Our work matters, and at a time like
this it matters more than ever.

Together in service,

ANDREW YOUN
Executive Director, One Acre Fund

2019 Governing Board Members

Joel Ackerman Matt Forti Fred Ogana Andrew Youn

Chief Financial Officer Managing Director Managing Partner Senior Partner/
DaVita Inc. One Acre Fund USA East Africa Market Executive Director/Co-founder
Development Associates Ltd One Acre Fund
Karl Hofmann James Mwangi
President and CEO Executive Director Agnes Gathaiya
Population Services International The Dalberg Group Chief Executive Officer
William Asiko Integrated Payment Services
Ada Osakwe Limited (IPSL)
Executive Director Founder & Chief Executive
Grow Africa Agrolay Ventures
 Laurent Thomas and his maize field, Tanzania

2019 HIGHLIGHTS
We experienced strong organization-wide growth in 2019. Amid the growth,
we continued to focus on improving our clients’ wellbeing and resilience.

Served 1 Million Farmers
One million farm families benefited
from our direct service model,
encompassing nearly 6 million
individuals. More than half of
our clients were women.
5 Key Resilience Measures
We targeted greater resilience among
all our clients through five key
approaches: improved soil fertility,
optimized seed choice, crop
diversification, crop insurance,
and tree planting.
2.4 Million Farmer Interventions
Our partnership programs, such as
agroforestry and seed production,
delivered a total of 2.4 million
interventions in addition to
our direct service model.

Distributed 13 Tree Species Processed 800 Metric Integrated Use of Tablets

We helped farmers access and plant
more than 10 million tree seedlings
while continuously investing in
key R&D efforts to test high-value,
environmentally suitable tree varieties.
Tons of Seed
In its first year of operation,
our seed facility increased the
national supply of hybrid seed in
Rwanda by 20%.
Across Two Countries
With tablets, our 2,000+ field
staff across Malawi and Kenya
strengthened accuracy and efficiency
in farmer enrollment, marketing,
and data-tracking.
 SCALE AND SUSTAINABILITY
In 2019, One Acre Fund served one million smallholder farmers across six African countries. With the
help of our market bundle – improved inputs on credit, training, delivery and post-harvest support – our
program generated an average 44% increase in profits on supported land.

Yet amid these positive developments, the region grappled with another year of erratic rainfall and
volatile crop prices. These factors led to lower impact for many of our farmer clients, and continue to
be a challenge for smallholders across sub-Saharan Africa. It also makes it starkly evident that growth
in numbers and increase in yields, on their own, are not enough.

As we mark the gains of the past year, we are emphasizing farmer resilience. Through a variety of
methods, we aim to equip smallholders with tools and practices to fight hunger, build secure livelihoods,
and safeguard their natural resources for the future.

1,004,700 73 % 97 %
Total Farmers Served Financial Sustainability Farmer Repayment

KENYA RWANDA BURUNDI TANZANIA

408,000 383,000 104,500 56,000

Growth and Efficiency
We have doubled in size since
2016 while paying particular
attention to keeping cost
per farmer low.
Two New Regions
We expanded our program
to Central and Rift Valley, key
agricultural areas of the country.
Above-target Growth
We served more than our goal
of 300,000 farmers while
strengthening impact and
cost-efficiency.
20% of Farmers
We reached nearly a fifth
of the country’s farming
population.
97% Re-enrollment
We are seeing strong re-en-
rollment numbers in Burundi
and repayment rates of close
to 100%.
Reduced Hunger
Preliminary data show a 22%
reduction in the number of
One Acre Fund families
reporting hunger.
Continued Expansion
We have grown almost
forty-fold from a pilot of
1,500 farmers in 2012.
Product Diversification
We started trialing 12 different
vegetable crops while supporting
farmers with new tree varieties.

MALAWI UGANDA ZAMBIA (pilot)

25,400 8,000 19,300

Tripled Since 2016
Our Malawi operation has tripled
in size in the last three years.
100,000+ Trees Planted
Farmers planted 100,000+ trees
distributed by One Acre Fund.
Increased Operational Efficiency
Each field officer served 137 farmers
which marked a 30%+ increase from
the previous year and a crucial step
towards increasing sustainability.
Diverse Product Bundles
Trialed custom blends to ensure
farmers’ fields get the nutrients
needed for strong harvests.
66% Year-on-year Growth
Our Zambian clientele grew by
two thirds between 2018 and 2019
as farmers expressed a need for
reliable input accessand delivery.
Diversified Offerings
Nearly 40% of new clients opted
for newly introduced inputs for
soya and groundnuts.
 IMPACT

As an organization, we aim to help our clients achieve big harvests, healthy families, and rich soils.
In 2019, One Acre Fund clients continued to grow more food for their families, which translated into
reduced hunger and increased profit. While farmers in many One Acre Fund country operations faced
highly erratic rains and lower than typical yields, their access to improved seeds, fertilizer and training
meant that their harvests were more plentiful than non-participating farmers. This translated into a
44% improvement in profit on average across all areas we work.

Additional Farmer Profit Growth in Farmer Profit Social Return on Investment

BIG HARVESTS
This year, One Acre Fund clients improved their harvests compared to non-participating farmers ranging
from a 20% improvement in harvests in Tanzania to a doubling of harvests in Uganda. These harvest
improvements vary according to weather patterns and soil conditions, but on average One Acre Fund
farmers in all countries saw significant harvest improvements, even amid erratic rainfall patterns.

Harvest improvements translated into an average of $79 in increased agricultural profit, with an
additional $16 in asset profit from add-on products like trees and solar lights. The average One Acre
Fund farmer gained a total of $96 in additional profit, a 44% boost compared to non-participating
farmers.1 This represents a 6% improvement upon last year’s profit impact. In 2019, crop selling pric-
es rebounded compared to anomalously low prices in 2018, which helped farmers achieve stronger
profits. However, poorly timed rains meant that overall harvests were still relatively low in many areas

1
We control for differences between One Acre Fund farmers and non-participants by matching them on characteristics like, education, gender, and wealth.
 we work. One Acre Fund farmers had a profitable year, but we want 3-Year Rolling Average
to do better and aim higher.

One Acre Fund is committed to helping farmers remain profitable over

the long term as they navigate the challenges of climate change and
unpredictable crop price volatility. To do this we are adding multiple
crops (including cereals, legumes, and vegetables) and new income
sources (like poultry and trees) to our package in all countries.
We are also offering index-based crop insurance in all countries, which
helps ameliorate the financial pressures that clients face during
difficult seasons.

HEALTHY FAMILIES
One Acre Fund firmly believes that those who are in the business of growing food should never go hungry.
A reduction in hunger and improvement in nutrition are key prongs of our impact strategy, and One Acre
Fund farmers are 25% less likely to report going to sleep hungry due to lack of food in all of our countries of
operation, which have a hunger season.2

However, reducing hunger is not enough. Many One Acre Fund farm families do not get adequate nutrition,
which stymies growth and development and makes children more susceptible to illness. Therefore we have
rolled out nutrition programs in each county of operation in which we use marketing and training to encour-
age farmers to grow and eat nutritious crops. In Kenya, 39% of farmers purchased seed to grow leafy green
vegetables, and in Rwanda we have seen a modest but statistically significant improvement in overall dietary
diversity.

RICH SOILS
In addition to big harvests and healthy families, we’re also investing in the long-term sustainability of
our clients’ farms. This means ensuring that the foundation of their prosperity - the soil - remains fertile
and healthy for generations to come. To accomplish this we are focused on increasing crop diversity,
tailoring planting recommendations to each local context, promoting compost use, and encouraging
the addition of acidity-reducing lime to soils. We’ve also expanded our agroforestry programs, which
help sequester carbon in the soil, prevent erosion, and increase nutrient levels in the soil. In 2019 we
supported more than 900,000 smallholder farmers to plant more than 10 million trees.

2
Hunger impact compares newly enrolled farmers with those who have already experienced a season with One Acre Fund. We only include statistically
significant results (p<.05) and average impact over multiple years of data collection.
 Additional Farmer Profit

“Annual” Impact “Asset” Impact

$118
$102
$96 $58

$34 $39
$19
$15

Total Kenya Rwanda Burundi Tanzania Uganda Malawi Zambia

Growth in Farmer Profit

81%

44%
43%
27% 27%
13%
9% 6%
Total Kenya Rwanda Burundi Tanzania Uganda Malawi Zambia

Farmers Reporting Hunger

Newly Enrolled Farmer Veteran Farmer

37%
27% 25%
20% 18% 14%
11%
8%
No Significant Change No Significant Change
Kenya Rwanda Burundi Tanzania* Uganda* Malawi Zambia*

* Percentage of farmers who reported hunger from not having enough food. Poorly timed rains across our network depressed harvests in 2019; leading to below average
hunger impacts for One Acre Fund in most countries.
 Members of the Kanyao group
with their field officer Cyrus
Onundu, Kenya

MEET THE MILLIONTH FARMER GROUP

As the setting sun glints off his neighbor’s tin rooftop behind him, 40-year-old farmer James Geka-
nana looks over his homestead—a three-room house and a 3/4 acre farm in Nyang’eni, Kenya. He is
pensive but hopeful. “I want this home to be different,” James says. “I want it to change completely.
I want to have healthier cows, a better house, my children to study better—to live so that they won’t
look back and say that they lacked a lamp to read at night.”

Just down the road, another farmer, 35-year-old Susan Kavesa, shares similar dreams. “There are
things we need to achieve in life,” she says. “Some of us want to get iron sheets to build houses,
some of us want to buy cows. We want to do more things.”

Both are new members of the Kanyao Group, one of a handful of farmer groups whose enrollment
pushed One Acre Fund over the million farmer threshold. The group has 10 members, some new
clients and some who have farmed with One Acre Fund for years, improving their farms and their
standard of living year by year.

Josca Nyang’au, a member who has been farming with One Acre Fund since 2011, now owns livestock,
farms bananas, owns trees and a flourishing field of maize and peanuts. In the two-story chicken
coop nestled in the tall grass of her yard, she keeps 20 chickens—something that offers her a level of
financial security she said she had never known before. “Before I did not have chickens,” Josca says.
“When I get unexpectedly sick, I can sell a chicken and go to the hospital. I am no longer stressed,
thanks to One Acre Fund.”

The Kanyao Group is one of roughly 115,000 farmer groups who have joined One Acre Fund this
season with dreams of living life a different way. Along with one million farmers across six countries,
they see a path of incremental investments over time that will lead to a generational shift for their
children. “One million people, we have truly progressed because of One Acre Fund and the service
they offer to farmers,” Susan says. “As long as it’s here, we shall flourish and our country will develop.”
 Mwaiwathu group practices
planting techniques with their
field officer, Malawi

SMART SCALING
In 2005, One Acre Fund founder and Executive Director Andrew Youn met a farmer named Christine
in western Kenya. Christine, a mother of four, had recently lost a child to hunger. Despite hours of
manual labor each day, Christine’s farm—like many in her village—did not yield enough food to feed
her family year-round. But Andrew also met a farmer named Betty, who was harvesting four times as
much food, and had a surplus to sell for school fees, health, and other expenditures. Betty was doing
just three things differently: planting higher quality seed; using a tiny amount of fertilizer; and equally
spacing her seeds.

One Acre Fund launched the next year, delivering what has now become our “core bundle” of offerings
to support 38 smallholder farmers to become more like Betty. Fourteen years later, we’re serving one
million farmers annually. We have learned many lessons on smart scaling along the way.

Lesson 1: Test and Fail at Small Scale

In 2008, we believed we had a brilliant new product in Kenya: passion fruit. On paper, it was a high-de-
mand crop with export potential. But in the field, the pitfalls of introducing an unfamiliar crop became
quickly apparent: adoption levels were low, and we struggled to get the fruit to market in time at
exportable quality. It was a complete bust.

This experience taught us a vital lesson—test and fail at a small scale. Now, we test new product
offerings for farmers through a phased process, starting small before rolling it out to all our clients.
For example, we piloted tree planting in 2011 with just a handful of farmers the first year, using their
feedback to develop a simple planting approach (tree kits). Nine years later, One Acre Fund clients
have planted over 40 million trees.
Lesson 2: Adopt a Numerator and Denominator Mindset
When we first set our 2020 goal to serve one million farmers, we reverse engineered that goal into
drivers: how many new countries we’d need to enter;the proportion of each country’s territory we’d
need to serve; and a target household penetration in those territories. We designed every aspect of our
model to support rapid scale, from codifying standard operating procedures to modeling the criteria
that predict success in new territories.

In more recent years, we realized that our ‘numerator thinking’ (our reach) was incomplete. We need-
ed to confront ‘the denominator’—the market of 50 million African farm families who could benefit
from our model—to make a meaningful dent in the problem. This ‘denominator mindset’ drove us to
explore new partnership opportunities with governments and the private sector, which served more
than 1 million additional farm families in 2019.

Lesson 3: Stay Client-centric

No decision has been more consequential to our scale than situating our headquarters in the rural
locations where our farmers live, enabling our entire team to interact with farmers on a regular basis.
To further instill this value of client-centricity, we encourage our staff to regularly Go to Gemba.

Gemba is a Japanese term, loosely meaning “the place where the work is done.” All of our teams
spend time in the field, interacting with farmers and gathering constant data on our service delivery.
Over the years, we have found that there is no substitute for learning through observation, and many
of those observations have been key to reaching our current scale by driving us to offer services our
customers truly value.
 CONCLUSION

Thank you for continuing to support our work at One Acre Fund, and more importantly, Sub-Saharan
Africa’s farmers. It’s important to emphasize that our success is not our own. It is that of every farmer
who takes a leap of faith with us, working hard through every planting season to improve their harvests
and build a more prosperous future for their families.

Looking ahead, we have an ambitious new goal to achieve: 10 million farmers by 2030. And once again,
we do not have a perfect roadmap on how to get there. We know the journey will be challenging, but
we take inspiration from farmers like the Kanyao Group. Farmers like James, Susan, and Josca sit at
the nexus of our planet’s greatest challenges—feeding a growing population, creating sustainable
livelihoods, and living within our environmental means. Farmers will determine our shared future, so
as always, we appreciate your help in putting Farmers First.
 ACKNOWLEDGEMENTS
2018 HIGHLIGHTS
Special Thanks
Thank you to the following people who have graciously given their time to One Acre Fund.

GOVERNING BOARD Patience Mutesi Carol Kim I Do Foundation

Joel Ackerman George Ngarambe Mark Rossi Impact Assets
William Asiko Rebecca Onie Simi Sandhu Kiva
Karl Hofmann Angelline Rudakubana Johanna Simon Melih and Zeynep Keyman
Matt Forti Jenny Scharrer Bill Quinn Becky and Lester Knight
James Mwangi Juliana Kantengwa David Tomback (Chairman) Harry and Julie Kraemer
Fred Ogana Amb. George William Carol and Larry Levy Family
Agnes Gathaiya Kayonga PEOPLE ADVISORY Libra Foundation
Ada Osakwe Dr. Charles Murekezi COMMITTEE Derek and Diana Lidow
Andrew Youn Jean Claude Musabyimana Kristin Brennan Life You Can Save
Phillip Nzaire Alison Lawrence MercyCorps
NETHERLANDS BOARD Evariste Rugigana Monica Marcel Bill Quinn
Robert Amelung MP Gabriel Semasaka Barry Marshall Joel Segre
Femke Rotteveel Robert Ssali Danit Schleman President Morty Schapiro
Jan Willem Baud Yves Bernard Ningabire Randall Stieghorst and the Northwestern
Matthew Forti Dr. Laetitia Nyinawamwiza Vaishnavi Tekumalla Community
Aaltje de Roos Sidley Austin LLP
Jasper Snoek CHICAGO GALA Skoll Foundation
PLANNING SPECIAL Sunu Capital
UK BOARD COMMITTEE ACKNOWLEDGEMENTS Chuck Slaughter
Sonny Bardhan Susan Diamond A to Z Foundation Ryah Whalen
Suveer Kothari Dev Patel Dean Francesca Cornelli and Steve and Sue Wilson
Pooja Mall James Wesner (Gala the Kellogg Community Jeanne Wussler
Steve Wiggins Chairman) Candide Group Joseph, Paul and Teresa Youn
Gideon Rabinowitz Paul Wormley Greg Casagrande Adrian Dominican Sisters
The Casten Family Align Impact
ADVISORY BOARD CHICAGO GALA Ceniarth Impact Bridge
Chris Addy HOST COMMITTEE Citibank King Philanthropies
David I. Cohen Carol Anderson Chris and Christina Combe Missionary Sisters of the
Martin Fisher Bill Bennett Echoing Green Sacred Heart
Nicole Gardner The Combe Family The ELMA Growth John Murphy
Tony Kalm Roxanne Hori Foundation The Religious Communities
Richard Passov Barry Merkin Energising Development Impact Fund, Inc
James Wesner Ben Olds Willy Foote Tayo Rockson
Serge Kamuhinda Serena Kohli Lal Sarah, Emily and Ben Forti Seton Enablement Fund
Faustin Mbundu Kananura Global Health Corps U.S International
Amb. Gideon Kayinamura NEW YORK PLANNING Margaux Hall Development Finance
Dr. Athanase Mukuralinda COMMITTEE Mahri Holt Corporation (DFC)
James Munanura Keech Combe Shetty Netri Fundación Privada University of the South
 ACKNOWLEDGEMENTS
2018 HIGHLIGHTS
Key Supporters

FELLOW FARMERS The Berkshire Foundation

($500,000 AND UP) PARTNERS Branson Family Foundation
Anonymous (7) ($100,000–$499,000) Casten Family Foundation
BlackRock, Inc. (via BlackRock Anonymous (4) Keech Combe Shetty and Akshay
Charitable Trust, a donor-advised Joel Ackerman Shetty
fund) Achmea Foundation Deloitte
Cartier Philanthropy AGRA Digital Green
Children’s Investment Fund Archer Daniels Midland Company Fischer Family Fund
Foundation / ADM Cares Greg and Carol Harding-Brown
The Combe Family Bayer Hopper-Dean Foundation
John Deere Foundation Bohemian Foundation John Wiley & Sons, Inc.
DGIS (Netherlands Development Aid) Caterpillar Foundation Jeronimo Martins
Ezrah Charitable Trust CF Industries Steven and Maureen Meyer
Focusing Philanthropy Mr. and Mrs. Ram Chaudhari Morris Family Foundation
Bill & Melinda Gates Foundation COmON Foundation The Nature Conservancy
Global Innovation Fund Enhancing Livelihoods Fund Open Society Foundation
Reed Hastings and Patty Quillin Horace W. Goldsmith Foundation Andrew Park
Estate of Chris Herron Jackson Kemper Foundation Amit and Vicky Patel
IKEA Foundation Jasmine Charitable Trust Ribbink Foundation
Steve Jurvetson Marco Kheirallah and Susanna Rock Paper Scissors Foundation
Karla Jurvetson Gabriella Ryan Cooper Family Foundation
Vinod and Neeru Khosla Manzanar Project Foundation Satter Foundation
Knight Family Foundation Lisa and Yaron Minsky Primus Stichting AKBHHH
Harry and Julie Kraemer Montpelier Foundation The Wasily Family Foundation
KfW on behalf of BMZ Mulago Foundation The Zall Family Fund
Larry Ellison Foundation Open Value Foundation
LDS Charities Sall Family Foundation LEADERSHIP CIRCLE
The Levy Family Small Foundation ($10,000–$24,999)
Kristov Paulus Stichting af Jochnick Foundation Anonymous (2)
Silicon Valley Community Stichting Dioraphte Alpha Inversiones
Foundation David Weekley Family Foundation AT&T
Skoll Foundation Whole Planet Foundation Mike and Carol Anderson
Syngenta Foundation for The Andersons Inc. Charitable
Sustainable Agriculture HONORARY ADVISORY BOARD Foundation
USAID ($25,000–$99,999) Aon
The Valhalla Charitable Foundation Anonymous (1) The Appletree Fund
Virgin Unite Ackerman Foundation, Inc. Atlantic Sapphire USA, LLC
Stephen and Susan Wilson Tom and Analisa Barrett St. Augustine’s Church
Bergerson Family Foundation William Bennett

*BlackRock’s support is being made via grants recommended to and paid by the BlackRock Charitable Trust, a donor-advised fund.
 ACKNOWLEDGEMENTS
Key Supporters

Rick and Diane Betts Alex and Polly Ryerson Daniel Johnson
William Blair Evan Schwartz James Klosty
BluSky Restoration Contractors Barbara Scott Kutchins Robbins & Diamond, Ltd.
Sean and Sandra Bogda Stephen and Rebecca Waddell Mr J.K van Oord
Bombardier Recreational Products James and Cheryl Wormley The Miles and G. Elizabeth Lasater
Gregory Bustamante The Sachs Charitable Foundation Fund
Doug and Leigh Conant US Bank Global Fund Services Thomas Latham
Crown Bioscience Inc. David Windmueller The Life You Can Save
Dave and Jodi Dent Jane Yang Lord Abbett & Co. LLC
Susan Diamond Jason Maga and Olivia Kohler-Maga
Express Scripts MAJOR SUPPORTERS Kitty Martin
Roxanne Hori and Robert Felsenthal ($5,000–$9,999) Pamela Martinson
Florida Council of Independent Anonymous (2) Mason Maye
Schools Chris and Danika Addy Raj and Michelle Midha
Matt and Sarah Forti ABS Investment Management Jason Mitrakos
Bon and Holly French Erik Arvidsson Laura More
Matthew Garman and Shanti Garman Karen Beltz David and Joanne Mullen
Dmitry and Ida Gorenburg Bigelow Tea OppenheimerFunds Legacy Account
Hadley Capital John W. Bloom Christopher Painter
Harvey Family Foundation Mike Brower Eric Paley
Health Care Service Corporation Hal and Kimberly Burch Parametric Portfolio Associates
Gordon Hilbun Steve and Tracy Cahillane Dev and Suhani Patel
Joseph Barnett Paul Charitable Cheryl L. Choy Tim Patru
Organization David Cole Physicians Realty Trust
Kaiser Permanente Courtney Combe Massimiliano Poletto and and Kara
Kaufman Family Foundation Rob DeMars O’Keefe
King’s Grant Presbyterian Church Todd Dennett ProNatura Charitable Fund
Kathy Lewis Jeff Dow Clayton Rockefeller and Manya
JJ and Ephrat Livne Ofer Entrust Capital Management LP Rubinstein
Jan Luehmann Ryan Fiftal Matthew Runkle
Longfield Family Charitable First Dollar Foundation Robin and Jill Selati
Foundation Kimberly and Leo Flynn Michael Shapiro
Marquette Associates Arthur Frigo Spark Directed Fund
McKinsey and Co., Inc. Goldman Sachs Ryan Stoner
McCall Matthew Gail Graham Sinead M. Strain
Netri Fundación Privada Grosvenor Capital Management, L.P. Heather and Paul Tammelleo
Ryan O’Connell Mark Heising and Elizabeth Simons David Tomback
Hugh O’Connor Hoban Family Charitable Foundation Bruce and Alisa Weber
Ben and Kim Olds Andrew and Caroline Huddart James Wesner and Steve Alessandro
RDO Equipment Co. The Hultquist Foundation John Wolak
Paul and Rosemary Wormley