Naspers Foundry led $5.1 M funding received by SA agri-tech startup Nile

Nile, a South African agri-tech firm that uses its platform to allow purchasers to buy directly from Africa’s top food producers, has secured a ZAR83 million (US $5.1 million) equity fundraising round headed by Naspers Foundry.

Nile was formed in 2020 with the goal of providing farmers with digital solutions to address several pain points associated with food trade, such as pricing transparency, quality verification, payment speed, product traceability, and food waste.

Farmers and commercial merchants of fresh produce in South Africa and around the continent are connected through the startup’s end-to-end procedure. The B2B platform streamlines processes and protects payments for farmers, resulting in more transparency and improved cash flow.

Naspers Foundry led the ZAR83 million equity round, contributing ZAR40 million (US$2.5 million), with Platform Investment Partners, Raba Capital, and Base Capital. SweepSouth, Aerobotics, Food Supply Network, The Student Hub, WhereIsMyTransport, Ctrl, Naked Insurance, and Floatpays are among the companies under Naspers Foundry’s portfolio.

“We are delighted to have Naspers Foundry support our mission to make fresh produce more accessible to people across the African continent. While we were able to bootstrap Nile through our initial growth phase, we look forward to having the backing of an internationally respected investor and experienced operator like Naspers as we scale our cross-border operations to the rest of Africa,” said Louis de Kock, co-founder and CEO of Nile.

Over 30 million kg of fruits and vegetables have been exchanged on Nile since its debut, with customers hailing from five nations and 35 towns and cities across Southern Africa. Farmers of different sizes, from small-scale farms to large commercial farmers, employ Nile’s services, while customers range from huge South African-listed firms to tiny family-owned merchants and distributors. Nile has operations in Botswana, Namibia, Eswatini, and Mozambique, among other countries.

“Nile provides a fully integrated ecosystem that creates trust between buyers and sellers on the platform and is a great example of tech entrepreneurs building innovative solutions that address people’s everyday needs. We are excited about the growth potential of this business and its contribution to transforming the trade of fresh produce,” Fabian Whate, head of Naspers Foundry, said.