Original Story Published by: Tage Kene-Okafor, www.techcrunch.com
Photo Source: Complete Farmer
Africa’s agricultural sector has a significant social and economic impact, per McKinsey. The percentage of smallholder farmers in sub-Saharan Africa exceeds 60%, while agriculture accounts for approximately 23% of the region’s gross domestic product.
But despite the apparent opportunity in the agricultural sector, it is difficult for Africa to successfully participate in global supply chains due to supply chain and infrastructure limitations. As a result of the preponderance of small and medium-sized farms, increasing productivity is essential for enhancing economic conditions in African countries.
To that end, Ghanaian agritech Complete Farmer seeks to transform farming practices in the region by developing critical technical and physical infrastructure to enhance efficiency in the agricultural value chain. It raised a recently concluded $10.4 million pre-Series A funding round ($7 million equity and $3.4 million debt) to consolidate its efforts.
The Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital (via its uMunthu II Fund in partnership with Goodwell Investments) co-led the equity part of the round. Additionally, Proparco, Newton Partners via the DP World Venture Fund and VestedWorld Rising Star Fund participated. 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.
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