Agri-tech startup Nile raises US$5m equity funding led by Naspers Foundry

SOUTH AFRICA – South African agri-tech startup Nile, which enables buyers to purchase directly from Africa’s leading food producers through its marketplace, has raised a ZAR83 million (US$5.1 million) equity funding round led by Naspers Foundry. Nile was founded in 2020 to provide farmers with digital solutions that can address various pain points inherent to food trading – including price…

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Rural Electrification Agency plans 10,000 mini-grids for Nigeria’s rural farmers

NIGERIA – The Rural Electrification Agency (REA) is set to deploy about 10,000 mini-grid solutions to power rural farmers by the year 2030 as part of efforts to boost food production in the country. The scheme, Energizing Agriculture Programme is being supported by Rocky Mountain Institute and the Global Energy Alliance for People and Planet. In addition, it is expected…

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Africa’s agri-tech company, TINGO merges with financial services provider MICT

AFRICA – African agri-tech company Tingo and financial services provider MICT have executed a definitive merger agreement to consolidate both operations across the African and Asian markets. The merger is anticipated to create a US$900 million annual revenue and is also expected to spark a global expansion strategy. The combined technology stack of both Tingo and MICT is expected to…

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Forestry company Komaza raises US$10m funding to develop innovative tech infrastructures

KENYA – Komaza, an innovative smallholder forestry platform which provides scalable and sustainable nature-based solutions to climate change, has announced that it has raised US$10 million from Mitsui & Co. and Sobrato Philanthropies. The new funds will be used to scale field operations, support value chain expansion, and develop innovative tech infrastructures, reinforcing Komaza’s key initiatives set forth in the…

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Cocoa processing start-up Koa secures US$3.5M for sustainable cocoa fruit production

GHANA – Swiss-Ghanaian cocoa processing start-up Koa has secured US$3.5 million from The Landscape Resilience Fund (LRF) and IDH Farmfit Fund to boost cocoa fruit production. This investment will support Koa to set up a new processing facility in the country, increasing production capacity more than tenfold by 2024 and creating additional income for up to 10,000 cocoa farmers. The…

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Hello Tractor receives US$1m from Heifer International to drive agriculture mechanization

NIGERIA – Hello Tractor, a tractor booking platform, has received US$1 million investment from Heifer International to spearhead its Pay-As-You-Go (PAYG) Tractor Financing for Increased Agricultural Productivity in Nigeria program. The initiative is focused on providing loan financing for tractor purchases to potential young entrepreneurs, with a flexible repayment plan i.e., utilizing revenues from the leasing of the farm machinery…

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Government of Zimbabwe injects US$51m in SIRP to reduce vulnerability of rural farmers

ZIMBABWE – Government of Zimbabwe and development partners have injected at least US$51 million towards the Small Holder Irrigation Revitalisation Programme (SIRP) to rural farmers across the country. The funds were mobilized from several program funding partners, as well as the Zimbabwean treasury. SIRP National Project Coordinator, Odreck Mukokera, speaking during the commissioning of Mayorca Irrigation Scheme in Silobela, said…

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Ghana’s Farmerline secures US$12.9M in pre-series A funding for expansion

GHANA – Ghanaian agri-tech startup, Farmerline has raised US$12.9 million in pre-series A funding round (equity and debt) to strengthen the agribusiness supply chain in Ghana. The equity funding (US$6.4 million) was led by Acumen Resilient Agriculture Fund (ARAF) and FMO, with participation from Greater Impact Foundation. The debt round saw participation from DEG, Rabobank, Ceniarth, Rippleworks, Mulago Foundation, Whole…

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UN Women, AfDB launch digital market platform for women farmers in Cote d’Ivoire

COTE D’IVOIRE – The UN Women has partnered with African Development Bank (AfDB) to launch a digital market platform in Cote d’Ivoire dubbed Blaatto, aimed to connect women farmers in the country to markets. The platform is part of the UN agency’s Buy From Women initiative, targeting women smallholder farmers and members of women-led agricultural cooperatives in the country’s central…

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South Africa based insect protein processor Inseco raises US$5.3m in seed funding round

SOUTH AFRICA – South African insect protein producer, Inseco, has raised US$5.3m in what is termed as the country’s largest ever startup seed funding round, to boost its production capacity. The round was led by Futuregrowth Asset Management, with participation from E4E Africa, Oak Drive Ventures, and a raft of private investors, reports Feed Navigator. Inseco currently produces more than 100…

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