Farmerline Ghana Secures $1.5 million From Dutch Investor

Farmerline Ghana Secures $1.5 million From Dutch Investor

Farmerline, a Ghanaian agtech startup has recently secured equity funding of One million Five hundred thousand US dollars ($1.5 million) from Oikocredit a Dutch impact investor. This is Farmerline’s second closing in its pre-series round. The dutch investment brings the total raised fund at Fourteen Million, Four hundred thousand US dollars. ($14.4 million).

Before the funding, Farmline has been working hard to expand its services across the West African nation and launching its markets in Ivory Coast was in the pipeline.

The agtech was founded by Emmanuel Owusu Addai and Alloysius Attah back in 2013. It is active through agro-dealers which are the initial point of knowing for farmers, they are farmer’s supply point for quality fertilizers, seeds and other supplies.

Via Farmerline’s Mergdata an artificial intelligence feature,  supply chain intelligence can be made, thereby agro-dealers can digitally serve their farmers and curate necessary data to determine the farmer’s needs and avoid “out of stock” situations. The data generated can also serve as a determinant for the required business expansion factor for agro-dealers.

While making a statement, Attah  said .“With the support of Oikocredit alongside our first-round funders, our distribution, logistics and financing services will continue not only in Ghana but also in Ivory Coast where we’ve recently begun the process of expanding our team.”

In a previous interview with journalists, Attah noted that his startup is on the verge of making physical infrastructure expansion, this will include its warehouses and distribution networks. The plan is to make Farmerline a marketplace that moves farm supplies from and to the rural location faster. This is made possible through its logistics arm that is working hand in hand with farmers, providing them with quick access to supplies and quick delivery of their produce. This way losses before, during and after planting plus harvest are avoided.

According to Farmerline, there are plans to develop a stronger supply chain for agribusiness, in return, there will be a reduction in the cost of farming and an increase in harvests and profits for farmers across Africa. the plan is expected to be executed through the use of local infrastructure and artificial intelligence.

“As fertiliser prices more than quadruple and the conflict in Ukraine compounds global food security challenges, this investment is crucial,” it said.

Mila Georgieva, Oikocredit’s equity officer noted that  “The harmful impact of rocketing fertiliser costs on smallholder farmers in Africa is clear. With our investment in Farmerline, we are supporting those most affected by the price volatility. Our investments in the agriculture sector are at the core of Oikocredit’s work as a social impact investor, and we have already identified synergies with other portfolio companies. We are thrilled to support Farmerline Group and smallholder communities across Ghana and Ivory Coast.”

Other participants of the pre-series A funding include the Dutch entrepreneurial development bank, Acumen Resilient Agriculture Fund (ARAF), Greater Impact Foundation, and FMO