Nigerian agrifintech startups are taking up the challenge of addressing the 78% of Nigerian farmers who lack access to formal financial services.
FoodInsure’s Ahmed Umar wants to offer a path to food savings insurance while connecting Nigerians with smallholder farmers and cheaper food prices.
Layoffs, cuts, and reorganizations continue across the foodtech industry, especially for restaurant-related businesses like Sweetgreen and Deliveroo.
Ghanaian agrifintech AgroFides is linking farmers to lenders and using its credit scoring tools to build their financial profiles to unlock more financing.
Taimba, a Kenyan B2B agritech startup, has expanded its marketplace to offer transportation, cold storage, fintech solutions and is now eyeing up input procurement too.
A new report by Graze indicates that agrifintech claimed almost 1% of the $600 billion in total worldwide VC investment last year.
Agri fintech startups raised $1.6bn in 2021 across 93 deals. Here the report author digs into two more trends: a booming Africa and stilted Europe.
Eastern and Southern Europe have recently seen the entry of Tarfin and Agro.Club, two agri-fintechs that are expanding into new markets. These regions have sufficient data availability which can be used to localize risk algorithms. They also have a large population of small to medium-sized farmers.
The accelerator plans to back 100 entrepreneurs working on financial and climate resilience innovation over the next four years.
The country looks set to creep up the agtech investment rankings.
The Argentine startup will use the funds to strengthen its e-commerce and fintech offerings, as well as for growing its footprint in Brazil.
The St Paul, Minnesota-based startup will continue to build out its technology that connects lenders and farmers, giving the latter improved access to working capital.
The Canadian startup is hoping to give aquaculture farmers a boost by floating them cash while they wait 30-90 days for payment from buyers.
The Porto Alegre-based startup secured funding from SP Ventures, ABSeed, and SLC Agrícola, among others.
Agro.Club views itself as more than a marketplace, offering “commercial effectiveness” services and more to its corporate and farmer members.
GoFlux joins the growing number of startups that are streamlining antiquated aspects of the agricultural supply chain using digital technologies.
The Mumbai-based startup says it has handled rural business transactions worth over $385 million during the past year, financing more than 15% of them itself.
Agrolend is aiming to offer better financing options for Brazilian farmers who have faced challenges like depreciation of the country’s currency.
The North Dakotan startup is on a mission to digitalize the grain supply chain and now plans to add fintech offerings to its app-based trading platform.
It’s a big week for LatAm’s agrifoodtech fund, SP Ventures. The fund will close on around $50 million to $75 million, surpassing the $30 million goal it initially set.
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