Ghanaian agritech Complete Farmer, which seeks to transform farming practices in West Africa by developing critical technical and physical infrastructure to enhance efficiency in the agricultural value chain, has concluded a $10.4mn pre-Series A funding round ($7mn in equity and $3.4mn debt).
The Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital (via its uMunthu II Fund in partnership with Goodwell Investments) co-led the equity part of the round, TechCrunch reports. Additionally, Proparco, Newton Partners and VestedWorld Rising Star Fund participated.
“We have been impressed with the progress that Complete Farmer has made in facilitating access to global trade for Ghanaian farmers, as well as introducing them to new crops and sustainable farming practices,” Tamer El-Raghy, the managing director of ARAF, is quoted as saying of the investment.
“Complete Farmer’s technology platform and farming protocols enable farmers to access quality inputs, agronomical support and premium markets, resulting in improved yields and income as reported by the farmers themselves.”
Sahel Capital’s SEFAA (Social Enterprise Fund for Agriculture in Africa) Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund and Global Social Impact Investments provided debt financing.
Complete Farmer is an end-to-end agricultural marketplace linking African producers and global industries to competitive markets, resources, data and each other.
“Its platform is a comprehensive one-stop resource that leverages proprietary cultivation protocols for crop production, enabling smallholder and commercial farmers to cultivate commodities that conform to global market specifications, thereby ensuring post-harvest offtake,” TechCrunch writes.
Africa’s agricultural sector has a significant social and economic impact, per McKinsey. The percentage of smallholder farmers in sub-Saharan Africa exceeds 60%, while agriculture accounts for about 23% of the region’s GDP.
But it has proven difficult for Africa to successfully participate in global supply chains due to supply chain and infrastructure limitations. Complete Farmer sees an essential need to increasing productivity due to the preponderance of small and medium-sized farms on the continent, according to TechCrunch.
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