In order to boost its data analytics abilities and utilize artificial intelligence to enhance production and effective planting and resolution on loans, FarmWorks, a Kenyan agric-tech startup raised $4.1 million Pre-Series A round.
This feat was achieved through the Acumen Resilient Agriculture Fund and the engagement of Livelihood Impact Fund, angel investors, Vested World, and several family offices.
The CEO, Yi Li, and Peter Muthee started FarmWorks in 2020 to supply farmers with agricultural inputs and create business opportunities for their harvested crops. Apart from this, FarmWorks also buys the farmers’ products for domestic or global trades and provides farm inputs and pesticides as well as loaning the farmers necessary tools.
About 2,000 petty farmers engage in FarmWorks’ out-grower initiative which has allowed the startup to create a value chain web that ensures the delivery of top-quality products on time as such an estimated 400 tonnes are sold monthly.
FarmWorks, though functioning in 2 other counties in Keya with 16 collection points, is looking at expanding its web of contract farmers in other areas of Kenya to add to these two other counties.
Initially, the start-up was into crop production on their farms, however, they are now training centers.
Furthermore, FarmWorks mentors farmers about proper agricultural ethics which it replicates on test farms.
