Agritech startup Farmerline from Ghana has raised an additional $1.5 million in a pre-Series A equity investment to grow throughout West Africa.
With the extra money, the total amount obtained in the round—which includes $6.4 million in debt financing—now stands at $14.4 million.
The Dutch entrepreneurial development bank FMO, Oikocredit, Acumen Resilient Agriculture Fund (ARAF), and Greater Impact Foundation also took part in the round, which was led by Oikocredit.
Farmerline, founded in 2013 by Alloysius Attah and Emmanuel Owusu Addai, works with farming organizations and agribusinesses to deliver premium fertilizer and seeds.
Additionally, it gives African farmers unrestricted access to worldwide markets and training in climate-smart farming techniques.
The partner merchants digitalize farmers and provide the data required to forecast demand for farm goods and prevent stock-outs using the firm Mergdata’s unique AI technology platform for supply chain intelligence.
It also makes credit allocation decisions for agricultural firms based on this information.
According to Farmerline, by utilizing local infrastructure and AI technologies, it intends to expand its supply chain for agribusinesses in order to lower farming expenses and boost yield for farmers across the continent.
Through franchise agreements with agribusinesses and input suppliers, Farmerline claims to have financed the purchase of over $18 million worth of inputs and crops.
By 2022, the startup wants to connect with 300,000 farmers, an increase of about 400% over this time last year.
The business, which is now based in Ghana, wants to grow in Ivory Coast and has started hiring new employees there.