Kenyan Agritech Startup, FarmWorks Secures $4.1 Million in pre-Series A Round to Promote AI-driven Production
FarmWorks, a Kenyan agritech startup, has announced its $4.1 million pre-Series A funding round to advance its data analytics skills and apply AI to enhance production and influence planting and loan decisions.
The financing was led by the Acumen Resilient Agriculture Fund and included the Livelihood Impact Fund, Vested World, multiple family offices, and angel investors.
Yi Li, the CEO, and Peter Muthee founded FarmWorks in 2020 to give farmers access to agricultural supplies and markets for their produce.
The new business provides farm inputs and pest control services to farmers. Additionally, it buys the farmers’ produce for domestic or foreign markets. It also provides them with farming equipment.
FarmWorks’ out-grower program includes participation from more than 2,000 smallholder farmers, allowing it to build a supply chain network that ensures fast delivery of high-quality fruit. 400 tonnes of product are claimed to be sold each month.
In addition to the two counties in the country’s central area, where it is currently functioning and has 16 collection centers, it wants to expand its network of contract farmers in other locations inside Kenya.
Previously, FarmWorks produced crops on its fields, which are now used as teaching facilities.
The business also instructs farmers in sound agricultural methods, which it replicates on test farms.
