Ghanaian startup Farmerline has raised $6.4 million in its pre-Series A investment plus another $6.5 million in debt to help in expansion. It is Farmerline’s first equity raise since launching with a $600 grant almost a decade ago.
Investors who took part in the $6.4 million equity investment include Acumen Resilient Agriculture Fund (ARAF), FMO, the Dutch entrepreneurial development bank, and Greater Impact Foundation. Those who took part in the $6.5 million debt include DEG, Rabobank, Ceniarth, Rippleworks, Mulago Foundation, Whole Planet Foundation, Netri Foundation, and Kiva.
The company says it will use the investment to scale the AI capabilities within its Mergdata platform, seeking increase the farmers and agribusinesses’ income, increasing the access to farm inputs, supplying them with tricycles, tractors, and threshers, as well as connecting them to global markets.
ADVERTISEMENT
The company says it will also invest in local infrastructure and logistics to support distribution, as well as accelerate the industry’s marketplace currently across Ghana with plans to deepen relationships with partners in Ivory Coast.
Launched in 2013, 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.
See Also: