A Ghanaian agritech, Complete Farmer, has raised about $10.4 million in a pre-series A funding round. The company raised $7 million in equity, and $3.4 million in debt to improve its operations.
The African continent’s farming industry can boast of a significant social and economic impact with the number of small-scale farmers in the Sub-Saharan part being more than 60% of farming valued at 23% of the continent’s GDP. However, Africa still faces challenges in that sector with regard to international supply chain engagement as Africa still lacks the required supply chain framework and infrastructure.
Complete Farmer is looking at converting agricultural practices by establishing a critical physical framework to boost efficiency in the farming sector value chain. The pre-series A funding round was led by The Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital (via its uMunthu II Fund in partnership with Goodwell Investments) co.
In addition, Proparco, Newton Partners, and VestedWorld Rising Star Fund also engaged in the funding while 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.
ARAF’s Managing Director, Tamer El-Raghy expressed delight at Complete Farmer’s operations, stating; “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. 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.”
The agritech will now be a one-stop agricultural commercial hub that interlinks African producers and international companies to themselves, competitive markets, resources, and information. It will serve as a detailed resource platform that utilizes ownership cultivation contracts for farm produce, allowing small-scale and big-scale farmers to cultivate crops that comply with international market standards.
Ever since its commencement in 2017, the Ghanian agritech has gone through many renewals before arriving at its present state. It started as a contractor to establish farmers on the client’s behalf. It then created a crowdfunding platform in 2018, allowing customers to invest in the supervision of farm operations and continuous farming.
