Tech

Ghana agri-farm farmers raise $1.5 million from Dutch investor Oikocredit • TechCrunch


Ghana Agricultural Technology Farmers secured $1.5 million in equity funding from Dutch impact investor Oikocredit in the second close of a pre-series A round. The new funding brought in the total amount raised in the round is up to 14.4 million dollarsincluding $6.4 in funding debt.

The funding comes at a time when Farmerline, which has operations across Ghana, is setting up shop in Ivory Coast as it continues to expand across West Africa.

Founded in 2013 by Alloysius Attah and Emmanuel Owusu AddaiFarmerline operates through agricultural agents, who are often the focal point of knowledge for farmers, in ensuring access to high-quality supplies, including fertilizers and seeds.

Partner retailers use Mergdata, a proprietary AI technology platform for supply chain intelligence, to digitize the farmers they serve and generate the data needed to predict demand for agricultural inputs and prevent food shortages. inventory status. It also uses that data to determine the amount of business extension credits to offer to agricultural dealers.

“With the support of Oikocredit along with our first round sponsors, our distribution, logistics and funding services will continue not only in Ghana but also on the Coast,” said Attah. Ivory, where we recently began the process of expanding our team.”

In a previous interview, Attah told TechCrunch that Farmerline is expanding physical infrastructure like warehouses and distribution networks to turn it into a marketplace that allows for faster movement of supplies to and from from rural areas. The logistics network also helps farmers to quickly access the market for better income and reduce post-harvest losses and waste.

Farmerline says it is planning to strengthen the supply chain for agribusinesses to reduce farming costs and increase productivity for farmers on the continent through the implementation of AI technology and local infrastructure. .

“As fertilizer prices have more than quadrupled and the conflict in Ukraine brings challenges to global food security, this investment is critical,” it said.

Farmerline claims to have funded approximately $18 million in inputs and crops to date through its franchise store alliance with agribusinesses and input dealers.

The startup aims to reach 300,000 farmers by 2022, up nearly 400% from last year, as it doubles its direct reach to 79,000 farmers, up from 36,000 in 2020 and 8,000 in 2019 .

Mila Georgieva, capital manager at Oikocredit said, “The impact of rising fertilizer prices on smallholder farmers in Africa is clear. With our investment in Farmerline, we are supporting those most affected by price volatility. Our investments in the agricultural sector are at the core of Oikocredit’s work as a social impact investor and we have identified partnerships with other portfolio companies. We are delighted to support Farmerline Group and farming communities across Ghana and Ivory Coast. “

Farmerline’s other equity investors include the Acumen Recovery Agriculture Fund (ARAF), FMO, the Dutch entrepreneurial development bank, and the Greater Impact Fund.



Source link

newsofmax

News of max: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button