Digital Agriculture in LMICs - 3 May #13
$100m+ fund to target agritechs in the Global South, commodity marketplace “Jinja” launches in Nigeria, Yara adds insurance to Tanzania’s AfricaConnect platform
25/04/23
$100m+ Capria Ventures fund targets early-growth agritechs
Venture capital firm Capria Ventures has announced the first close of USD 100 million of its Global South Fund II. The fund will support 20-25 early-growth tech startups in India, Southeast Asia, Latin America, the Middle East, and Africa. The first close comprises investors such as Gates Ventures, OIP Investment Trust, as well as foundations, individuals, and family offices. Global South Fund II, which follows the USD 57 million Global South Fund I, seeks further investors willing to support start-ups harnessing the potential of generative AI and climate tech. AgriTech is one of the areas of interest for the new fund, with Capria having invested already in start-ups such as Agrofy, a Latin American agri e-commerce platform.
27/04/23
Agro commodity marketplace Jinja launches in Nigeria
Nigerian agritech company Isidore Agritech has launched a new app dubbed Jinja, a market linkage platform connecting buyers and sellers of agro commodities. The app is marketed as a platform to buy and sell commodities, and request a variety of services including insurance, financing, and warehousing, and to request truck (transportation) services. On the supply side, the app is targeted primarily at agents (aggregators), serving as a one-stop-shop to sell commodities and other services. Founded in 2021, Isidore AgriTech has to date raised USD 250,000, according to Crunchbase.
30/04/23
Yara adds digital insurance to Tanzania’s AfricaConnect platform
The Tanzanian unit of fertiliser company Yara has launched in partnership with Jubilee Insurance and Equity Bank Tanzania digital crop insurance, providing cover against crop loss and safeguarding farmer earnings. The product will be added to the AfricaConnect platform, a solution powered by Yara that uses SMS to provide extension services, market linkages (e.g. quality inputs) and financial services (loans and now insurance) to Yara farmer partners. AfricaConnect was launched in Tanzania in June 2022, initially targeting rice farmers. According to reports, the platform has reached 85,000+ farmers, and Yara aims to reach 300,000 farmers this year. The platform is currently being extended to maize, coffee, potato, and sunflower growers.
30/04/23
India’s agritech Leads Connect Services partners with ICRISAT to digitise FPOs
Indian agritech company Leads Connect Services has announced a partnership with The International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), A CGIAR organisation, to use digital agriculture solutions to support India’s Cluster-Based Business Organisations (CBBOs) and Farmer Producer Organisations (FPOs). The two organisations will work together to provide user-centric solutions for commercial farmers and facilitate access to financial services via agritech/fintech solutions. Under the partnership, Leads Connect Services will digitise the agricultural value chain through its Agrani SaaS platform (a digital farmer database), supporting both farmers and FPOS. Founded in 2009, Leads Connect is headquartered in the state of Uttar Pradesh.
02/05/23
Aquatech eFishery reportedly close to become unicorn
More reports continue to emerge on the imminent funding round that would boost the valuation of Indonesian aquatech eFishery to USD 1.2 billion. The startup is expected to raise about USD 100 million in fresh funding, an investment which will take it to unicorn status, the first of this kind in the agritech sector in Indonesia. Abu Dhabi-based technology investment manager 42X Fund is reportedly in talks to lead the round. Only last October, the start-up, which is backed by Temasek, Softbank and Sequoia Capital, secured USD 32 million debt funding from DBS Bank Indonesia. Established in 2013, eFishery initially developed an IoT-based smart pond management system and has over time expanded to an end-to-end solution enabling farmers to access markets. It has to date secured USD 142.9 million in funding.