To help more farmers trade and transact digitally, SA agri-tech startup Nile raised $11.3 M
Nile, an agri-tech startup in South Africa, has raised ZAR200 million (US $11.3 million) in funding to expand throughout the region.
Louis de Kock, Eugene Roodt, and Rick Kleynhans founded Nile in 2021 to give farmers digital solutions that can solve a number of issues related to food trading, such as price transparency, quality assurance, payment speed, produce traceability, and food waste.
After raising US$5.1 million in 2022, the startup has now raised ZAR200 million (US$11.3 million) in funding, led by the Cathay AfricInvest Innovation Fund and co-invested by the Dutch entrepreneurial development bank FMO. The funding round also included participation from Platform Investment Partners, an existing investor.
By launching creative financing solutions in collaboration with top banks and growing its marketplace for agricultural inputs, the new funding will hasten Nile’s expansion throughout Southern Africa and improve farmer access to capital, tools, and markets.
“We have been surprised by how quickly farmers have embraced our digital way of trading. Having built critical mass, we now have the unique opportunity to use the new funding to build a comprehensive digital ecosystem that provides significantly more value and reduces the risks to farmers,” said de Kock.
AfricInvest’s investment officer, Henry Rahmann, stated that his organization was convinced that Nile was revolutionizing the fresh produce industry in South Africa and empowering farmers by attending to all of their needs, from trading and inputs to financing.
“We’re proud to back Nile’s exceptional team, alongside FMO, as they build an agri-tech champion, uplifting farming communities across South Africa and beyond,” he said.
