Acumen, Alitheia, Sahel Capital, others in $10.4m agtech round
Ghana-based Complete Farmer, an end-to-end digital agricultural marketplace, has raised $10.4 million in a pre-Series A funding round of equity and debt.
The equity portion of the round was co-led by the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital via its uMunthu II Fund in partnership with Goodwell Investments. They were joined by Proparco, Newton Partners and VestedWorld Rising Star Fund. Debt financing was provided by Sahel Capital’s SEFAA (Social Enterprise Fund for Agriculture in Africa) Fund, Alpha Mundi Group through its Alpha Jiri Investment Fund, and Global Social Impact Investments, to fund both CAPEX and working capital investments in support of short and long-term growth.
Complete Farmer currently offers two main solutions tailored to farmers and agricultural commodity buyers. On the one hand, its farmer-focused product, CF Grower, helps African farmers optimise their productivity, access global markets, and improve their livelihoods through precision farming tools and data-driven cultivation protocols. CF Buyer, on the other hand, serves buyers across the world by providing them with reliable and easy access to commodities grown to meet their specifications. On the platform, buyers can access a large network of qualified growers, get quality certified crops through a seamless digitised process, and transparently monitor the progress of their orders from order to fulfilment, giving them full control of their procurement process.
”At Complete Farmer, we are on a mission to revolutionise Africa’s agriculture value chain, to ensure competitiveness for all stakeholders involved,” said Desmond Koney, CEO of Complete Farmer. ”We are thrilled to welcome our new partner investors, who are seasoned experts in the industry and have a profound understanding of our mission which enables them make valuable contributions along our entire supply chain. It is a pleasure to have partners who share our belief in Complete Farmer’s potential impact on sustainable food production and food security in Africa and the rest of the world.”
“Having been with Complete Farmer from the start as investors, we have had the privilege of witnessing Complete Farmer’s incredible journey unfold over the past six years,” added Ashwin Ravichandran, portfolio advisor at Meltwater Entrepreneurial School of Technology (MEST) Africa. “The progress achieved by Desmond and the team are truly commendable. The addition of new investors further fuels our anticipation for the business’s extended impact. With fresh perspectives and resources, Complete Farmer is poised for remarkable expansion, and we are excited about the journey ahead.”
Tamer El-Raghy, managing director of ARAF said, “We are pleased to co-lead this investment round, having 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. Our goal at ARAF is to invest and grow local enterprises that support smallholder farmers in building resilience to climate change. Complete Farmer’s technology platform and farming protocols enable farmers’ access to quality inputs, agronomical support, and premium markets, resulting in improved yields and income as reported by the farmers themselves. We are therefore excited to partner with Complete Farmer over the next phase of its growth through expanding in Ghana and to other parts of the region.”
Tokunboh Ishmael, managing partner at Alitheia Capital commented, “We are proud of Complete Farmer’s work and the opportunity to amplify our desired outcomes of fortifying the African agricultural value chain and bolstering export prospects through this investment in Complete Farmer. Employing homegrown technology developed in Africa, Complete Farmer serves as a vital bridge that connects local farmers and their products with global markets and financial resources. This connectivity results in increased incomes for farmers, elevated product quality, broader access for buyers, and an overall enhancement of global trade dynamics.”
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