1 Mei 2026, door Thom Sabel (in het Engels)

A Lesson in Growth, Grit, and Radical Transparency

At Corekees, we’ve always promised more than just a financial return, we’ve promised to take you on a journey into the real-world economy. We believe that to truly change the world’s food systems, we must be honest about what it takes to build them.

And sometimes, that journey hits a bump in the road.

Recently, we encountered a significant challenge with Project Specerij (Doselva). Today, we’re pulling back the curtain to share exactly what happened, what we’ve learned, and why we believe your investment is now on an even more resilient footing.

The “Double-Edged Sword” of Agri-Growth

On the surface, Project Specerij looks like a success story. Its revenue has doubled every year for the past three years.

But in high-impact agriculture, fast growth can be a double-edged sword.

Think of it like a local bakery that suddenly receives an order for 10,000 loaves of bread. The demand is there, but they need to buy ingredients and pay staff upfront, long before the customer pays.

In February 2026, Doselva faced this exact challenge: a liquidity squeeze.
Every available euro was needed to buy and process crops during peak harvest season, leaving insufficient cash to meet the original repayment schedule.

Why Impact Agriculture is a Different Game

This situation isn’t unusual, it’s one of the biggest hurdles in agribusiness.

To scale up, companies must invest heavily in raw materials. Securing that capital is difficult, and once obtained, it comes with added complexity:

• Debt obligations
• Collateral requirements
• Increased financial pressure

On top of that, large buyers often delay payments by 30 to 90 days, effectively shifting financial risk onto producers.

For an impact-driven company like Doselva, committed to paying farmers promptly, this creates a constant high-stakes balancing act.

Our Investigation: Going “Under the Hood”

When we received the news, our team conducted a deep dive into Doselva’s operations. This wasn’t just a spreadsheet review, it was a full audit to separate temporary growing pains from long-term potential.

The Hard Truths

• Profitability Gap
  Revenue increased, but so did operational costs, meaning profitability is still stabilizing.
• Collateral Complexity
  Some collateral expected to be ringfenced for our investors had been shared with other financiers during rapid growth.

The Strengths

• Efficiency at Scale
  While raw material costs rose, overhead costs decreased, indicating a scalable business model.
• A Massive Sales Pipeline
  In Q1 2026 alone, Doselva matched its total sales from all of 2025.
• Strategic Expansion
  Facility upgrades and expansion into Honduras position the company for long-term stability.

Our Verdict

The business is fundamentally strong, but it needs more time to convert its rapid growth into consistent profitability.

What This Experience Taught Us

Transparency also means acknowledging our own learning curve. This experience has led to four key improvements across our portfolio:

1. Earlier Communication

You deserve timely updates, even while solutions are still being negotiated.

2. Stricter Guardrails (Financial Covenants)

We are implementing stronger contractual protections to intervene earlier when financial conditions shift.

3. Precision Over Headlines

Rapid revenue growth isn’t enough, we now analyze underlying metrics like sales volume and sustainability more closely.

4. Cash is King (Especially in Harvest Season)

We now build liquidity buffers into our financial planning to better handle seasonal pressures.

Building Trust Through Transparency

We value your trust above all else.

By sharing both the successes and the challenges, we aim to build a community that understands the real work behind transforming global food systems.

Because meaningful impact isn’t just about growth; it’s about resilience, honesty, and learning along the way.