AfricInvest backs South African agtech platform Nile.ag
AfricInvest has led a $11.2 million funding round for South Africa-based Nile.ag.
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AfricInvest, through its Cathay AfricInvest Innovation Fund (CAIF), has led a R200 million (about $11.2 million) funding round for South Africa-based agri-tech platform Nile.ag. The round also included a co-investment from FMO and renewed backing from existing investor Platform Investment Partners.
Nile.ag started as a marketplace for fresh produce but has since grown into a broader digital platform serving farmers. It now offers inputs, financing and data tools that support the entire agricultural cycle – from ordering seeds and fertiliser to sourcing packaging post-harvest. Through banking partnerships, farmers can access financing, and sell their crops to local and international buyers via the platform, with the option of instant payment upon delivery.
The new funding seeks to accelerate Nile's growth across Southern Africa.
Louis de Kock, co-founder Nile.ag said: “We have been surprised by how quickly farmers have embraced our digital way of trading. Having built critical mass, we now have the unique opportunity to use the new funding to build a comprehensive digital ecosystem that provides significantly more value and reduces the risks to farmers.”
Henry Rahmann, investment officer at AfricInvest commented: “We firmly believe Nile is transforming fresh produce trading in South Africa, empowering farmers by addressing their full range of needs – from inputs and trading to financing. We're proud to back Nile’s exceptional team, alongside FMO, as they build an agtech champion in South Africa and beyond.”
Marius Birkenhager, investment officer at FMO added: “The Nile team has proven able to build a very strong proposition for South African farmers, improving their way of doing business and hence strengthening the agricultural value chain. The aim to boost the efficiency of this sector by enabling digital trade aligns very well with the mission of FMO’s Ventures Program, and we are proud to support them in their next phase of growth.”
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