Farmerline, an agritech company based in Ghana, has raised an extra $1.5 million in a pre-Series A equity investment to help it grow across West Africa.
With the extra money, the total amount raised in the round is now $14.4 million. This includes $6.4 million in debt financing.
Oikocredit served as the round’s leader; other participants were the Dutch entrepreneurial development bank FMO, Oikocredit, the Acumen Resilient Agriculture Fund (ARAF), and the Greater Impact Foundation.
Farmerline is a company that works with farming groups and agribusinesses to offer premium fertilizer and seeds. It was formed in 2013 by Alloysius Attah and Emmanuel Owusu Addai.
It also gives African farmers unrestricted access to markets worldwide and training in farming techniques that are smart for the climate. Partner merchants use Mergdata’s unique AI technology platform for supply chain intelligence to digitize farmers and give them the data they need to predict demand for farm goods and avoid running out of stock.
Farmerline asserts that it has successfully financed the acquisition of over $18 million worth of inputs and crops by entering into franchise agreements with agribusinesses and suppliers of agricultural goods.
Farmerline claims to have financed the acquisition of over $18 million worth of inputs and crops through franchising agreements with agribusinesses and input suppliers.
The startup wants to connect with 300,000 farmers by 2022, which is about 400% more than it had last year.
The company is now based in Ghana but wants to grow in Ivory Coast, so it has started hiring people there.