The agritech company iFarmer from Bangladesh has secured $2.1 million in pre-series A financing sponsored by IDLC Ventures, the venture capital arm of Bangladesh’s largest non-banking financial institution IDLC Finance. Millville Opportunities, located in the United States, and Startup Bangladesh Limited, a government-backed company, also took part in this round.
iFarmer was founded in 2019 with the goal of improving farm output efficiency with an app that monitors performance and provides loans to farmers. It also helps farmers by purchasing their harvests directly.
More than 63,000 farmers are served by the firm, which operates in 19 areas. Every month, it assists in the selling of 8,000 tons of agricultural products to wholesale and retail clients.
According to a statement, iFarmer’s income increased by 7.7x last year, owing to commissions from financing and sales of agricultural products and supplies.
Fahad Ifaz and Jamil Akbar created the company, which has expanded to more than 120 people.