This case follows Reman Hamed, the founder of mwanzo, an ethical, Africa-focused chocolate brand in Egypt. Concerned by exploitation in the African chocolate industry, Hamed launched mwanzo in 2023, self-financing the venture and sourcing cocoa beans ethically from Ghana and Madagascar. Within a year, she had built a strong presence in Egypt’s premium chocolate market, but limited resources and economic challenges restricted her brand’s growth. By December 2024, Hamed had to decide: Should she accept an offer from a fast-moving consumer goods investor? This infusion of capital would fuel mwanzo’s expansion, but it could also compromise its ethical and sustainability mission.
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