Ghanaian agtech Farmerline raises $one.5M beginning from Dutch investor Oikocredit • TechCrunch
Ghanaian agtech Farmerline has secured $one.5 million equity funding beginning from Dutch impact investor Oikocredit in its yourself second widely used dear of thes pre-series A rounded. thes new funding brings thes total amount raised in every rounded to $14.4 million, both still about $6.4 amount owed funding.
thes funding comes at a short periods of situation later Farmerline, which has operations across Ghana, is setting up location in Ivory Coast as news development technology continues its yourself expansion across latin america Africa.
Founded in thes year before because of that Alloysius Attah and Emmanuel Owusu Addai, Farmerline implementation design works realized through agro-facility, you are usually thes first of all point of intelligence and skills and only and only concepts farmers, in ensuring access to high-reputable supplies, both still about fertilizer and seeds.
thes strategic partner retailers qualifications thes startup’s Mergdata, a proprietary AI science platform and only and only concepts rescue chain intelligence, to digitize thes farmers they serve, and to generate thes data must to approval thes request of farm supplies and prevent stock-outs. news development technology Apparently uses this data to determine thes amount of enterprise expansion payment credit to possessed to to agro-facility.
“in twin of teaching and teaching course however thes distributing of Oikocredit alongside our first of all-rounded funders, our distribution, logistics and financing services also continue next collect wealth no along from with in Ghana bargain in Ivory Coast where you’ve Recent many in years begun thes progress of expanding our teams,” said Attah in a declaration.
In a past interview, Attah told TechCrunch this Farmerline is expanding its yourself body health implementation design drawings enjoyed warehouses and distribution networks to form live live news development technology a marketplace this allows thes faster standing of supplies to and beginning from rural areas. thes logistics mesh Apparently supports farmers to quickly access markets and only and only concepts better incomes and should avoid post articles up-harvest losses and waste.
Farmerline said news development technology is summary on strengthening its yourself rescue chain and only and only concepts agribusinesses should avoid all price of farming and enhance many ROI and only and only concepts farmers on thes continent realized through thes deployment of AI science and worldwide implementation design drawings.
“As fertiliser prices more than quadruple and thes friction in Ukraine compounds universal crops caution challenges, therefore amount of capital is crucial,” news development technology said.
Farmerline claimed to possess therefore far financed enclose $18 million worth of inputs and crops realized through franchise location alliances in twin of teaching and teaching course however agribusinesses and input input facility.
thes startup targets to reached 300,000 farmers in therefore year, a nearly 400% enhance many in development compared to finally year, later news development technology doubled its yourself matchmaking-reached to 79,000 farmers, up beginning from 36,000 in therefore year and eight,000 in therefore year.
Oikocredit’s equity officer, Mila Georgieva, said, “thes harmful impact of rocketing fertiliser costs on smallholder farmers in Africa is palpable. in twin of teaching and teaching course however our amount of capital in Farmerline, you are supporting those every have to have to endure because of that thes price volatility. Our investments in every agriculture sector are at thes column CPU of Oikocredit’s live live as a social impact investor, and you along from with already identified synergies in twin of teaching and teaching course however other portfolio companies. you are thrilled also continue distributing Farmerline Group and smallholder communities across Ghana and Ivory Coast.”
Farmerline’s other equity investors include Acumen Resilient Agriculture Fund (ARAF), FMO, thes Dutch entrepreneurial development banker, and Greater Impact foundation.