Farmerline, a Ghanaian agritech startup, announced an additional $1.5 million in funding to bring its total pre-Series A round to $14.4 million.
The new fund raised comes at a time when Farmerline, which operates across Ghana, is setting up facilities in Ivory Coast as it continues its expansion into West Africa.
According to the startup, the new fundraising will be used to strengthen its agribusiness supply chain and further develop the startup’s infrastructure.
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Farmerline has witnessed the real-time impacts of rising fertilizer prices resulting from the war between Russia and Ukraine. Last month he launched the Support a Farmer initiative, a public crowdfunding campaign to raise GH¢1 million ($100,000) to provide 250,000 bags of discounted fertilizer to 25,000 farmers. across Ghana.
Farmerline Alloysius Attah co-founder and CEO said, “Due to the Russian-Ukrainian war, fertilizer prices have skyrocketed almost three times compared to last year. We realized that as a company, we needed to reason with the agribusinesses and farmers we work with and do something that will help them acquire the fertilizer.
“In a recent Farmerline survey, we found that more than half of Ghanaian farmers we spoke to had applied no fertilizer to their crops just weeks before the end of the planting season. Another 33% said they only partially applied the fertilizer they needed.
“It is simply too expensive, and therefore imperative for us not only to do something to alleviate this burden, but also to provide an opportunity for ordinary Ghanaians to stand in solidarity with the farming community during this turbulent time.”
Founded in 2013, Farmerline helps and transforms rural smallholders into successful entrepreneurs by providing data and services that improve productivity, decisions, practices, agricultural yields, incomes and livelihoods, which creates opportunities employment and increased income.
The startup reportedly started with an $800 grant from founder Alloysius Attah and Emmanuel and co-founder Owusu Addai in 2013. At that time, Farmerline was providing timely agronomic voice messages to 800 farmers across Ghana via its platform. -Technological form Mergdata.
Mergdata, the startup’s globally licensed platform, was on Time’s 100 Best Innovations of 2019 list. Farmerline has leased Mergdata to over 60 partners, primarily in Africa and others in Asia and Latin America, which facilitates profiling, traceability, messaging and digital payments.
It is now looking to evolve the Mergdata platform, making it more AI-powered to provide insights such as crop yield forecasting, fertilizer demand forecasting and product traceability needed in agriculture. ‘industry. He claims to have reached over 1.5 million farmers in 35 countries through the platform.
The agritech startup also offers input financing to farmers through organized groups, climate-smart agriculture education, logistics services, access to high-quality fertilizers and seeds, and other tools. while connecting them to agribusinesses in international markets.
He claims to have financed approximately $18 million worth of inputs and crops through alliances of franchise stores with agribusinesses and input dealers. In Ghana, Farmerline engaged with over 77,000 farmers last year, selling produce directly to them and buying their crops. The startup team predicted that number could go up to 140,000.