Ghana’s Farmerline raised additional $1.5 M Pre-series A funding, concluded $14.4 M funding in total
Farmerline, a Ghanaian agri-tech business, has secured an additional US $1.5 million in pre-Series A investment, bringing the total raised to US $14.4 million.
Farmerline, a company founded in 2013 by Alloysius Attah and Emmanuel Owusu Addai, collaborates with agricultural firms and farm groups to provide high-quality fertilizer and seeds, free training on climate-smart farming techniques, and access to global markets for African farmers.
The company’s proprietary technology platform Mergdata is licensed by international food traders and manufacturers who use its customizable tools to improve the lives of farmers around the world. Its marketplace combines digital tools with logistics, field agents, farm resources, and strategic partnerships.
According to reports from April, the business had raised US $6.4 million in pre-Series A funding together with the additional US $6.5 million in debt to support its growth from investors FMO and ARAF. In an effort to assist farmers who were dealing with rising fertiliser prices and shortages, this financing was to be utilized to extend operations into Ivory Coast.
That round has already received the additional US $1.5 million, bringing its total to US $14.4 million. The new funding is provided by the worldwide cooperative and social impact investor Oikocredit, which funds partners engaged in the African agriculture industry.
Through the use of AI technology and regional infrastructure, Farmerline wants to enhance its supply chain for agribusinesses, lower farming costs, and increase yield for farmers on the continent as it expands its footprint in West Africa.
“We remain committed to standing by farmers and agribusinesses across Africa during this crucial time. 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,” said Attah.
“Now is not a time for business as usual. We need to work closely with all partners and stakeholders in the agricultural sector through this critical period to create sustainable food system solutions that benefit African farmers.”
The detrimental effect of skyrocketing fertiliser costs on smallholder farmers in Africa, according to Mila Georgieva, equity officer at Oikocredit, is obvious.
“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,” she said.
