in

Ghana’s Farmerline Raises Further $1.5m To Close Out Pre-Series A Round At $14.4m

Ghanaian agri-tech startup Farmerline has raised a further US$1.5 million in pre-Series A funding to close out its round at US$14.4 million.

Launched in 2013 by Alloysius Attah and Emmanuel Owusu Addai, Farmerline partners with agribusinesses and farm associations to support African farmers with high-quality fertiliser and seeds, free education on climate-smart farming practices, and access to international markets.

Its marketplace combines digital tools with logistics, field agents, farm resources and strategic partnerships, while the company’s in-house technology platform Mergdata is licensed by global food traders and manufacturers who use its customisable tools to improve the lives of farmers around the world.

As reported in April the startup had secured a US$6.4 million pre-Series A investment plus another US$6.5 million in debt to help it expand, with investors including FMO and ARAF. This funding was to be used to expand operations into Ivory Coast in a bid to help farmers facing increased fertiliser prices and shortages.

Loading...

A further US$1.5 million has now been added to that round, taking its size to US$14.4 million. The new capital comes from global cooperative and social impact investor Oikocredit, which invests in partners working in the agricultural sector across Africa.

As Farmerline deepens its presence in West Africa, it plans to strengthen its supply chain for agribusinesses, reduce the cost of farming and increase yield for farmers on the continent through the deployment of AI technology and local infrastructure.

“We remain committed to standing by farmers and agribusinesses across Africa during this crucial time. With the support of Oikocredit alongside our first-round funders, our distribution, logistics and financing services will continue not only in Ghana but also in Ivory Coast where we’ve recently begun the process of expanding our team,” said Attah.

“Now is not a time for business as usual. We need to work closely with all partners and stakeholders in the agricultural sector through this critical period to create sustainable food system solutions that benefit African farmers.”

Mila Georgieva, equity officer at Oikocredit, said the harmful impact of rocketing fertiliser costs on smallholder farmers in Africa was clear.

“With our investment in Farmerline, we are supporting those most affected by the price volatility. Our investments in the agriculture sector are at the core of Oikocredit’s work as a social impact investor, and we have already identified synergies with other portfolio companies. We are thrilled to support Farmerline Group and smallholder communities across Ghana and Ivory Coast,” she said.

Loading...

Written by PH

Leave a Reply

Your email address will not be published. Required fields are marked *

seventeen − 13 =

How Nigeria’s OnePort 365 Is Making It Easier To Move Cargo To, From, And Within Africa

Nigerian Prop-Tech Startup Spleet Raises $2.6m Seed Round