The agricultural sector in Africa is a cornerstone of the economy, employing over 60% of smallholder farmers and contributing 23% to the GDP in sub-Saharan Africa. However, limited supply chain infrastructure has hindered Africa's participation in global supply chains.
Addressing this challenge, Ghanaian agritech company Complete Farmer has raised $10.4 million in a recent pre-Series A funding round ($7 million in equity and $3.4 million in debt) to enhance efficiency in the agricultural value chain.
Complete Farmer's innovative approach aims to boost agricultural productivity and economic conditions in African countries, contributing to a more sustainable and prosperous future for smallholder farmers and the continent as a whole.
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The end-to-end agricultural marketplace connects African producers with global industries and provides access to competitive markets, resources, data, and more. By leveraging proprietary cultivation protocols, the platform enables smallholder and commercial farmers to produce commodities that meet global market specifications.
Complete Farmer currently boasts over 12,000 farmers across five key regions in Ghana and has overseen the cultivation of over 30,000 acres of land, exporting commodities worldwide. The platform's annual revenue has grown from $2.8 million in 2021 to $5.3 million in 2022, with projections to reach $7.5 million this year.
To further enhance its growth, Complete Farmer plans to launch new product lines, develop an embedded finance product, and create a vendor platform for farmers to purchase fertilizers and commodities. Additionally, the funding will support scaling efforts, strategic partnerships, team expansion, and the launch of fulfilment centres in new markets.
The equity part of the funding was led by Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital through its uMunthu II Fund in collaboration with Goodwell Investments. Other participants included Proparco, Newton Partners, and VestedWorld Rising Star Fund. Meanwhile, the debt financing was provided by Sahel Capital's SEFAA Fund, Alpha Mundi Group's Alpha Jiri Investment Fund, and Global Social Impact Investments.