Focused on boosting Ghana’s agritech sector, Complete Farmer has closed a pre-Series A funding round, raising $10.4 million, comprising $7 million in equity and $3.4 million in debt.
Complete Farmer will leverage the funding in catalyzing the transformation of farming practices in the region and enhance efficiency across the agricultural value chain.
The equity portion of this funding round was co-led by the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, in partnership with Goodwell Investments through its uMunthu II Fund. Joining the initiative were Proparco, Newton Partners, and VestedWorld Rising Star Fund. On the debt financing side, Sahel Capital’s SEFAA Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments have provided crucial support.
Tamer El-Raghy, Managing Director of ARAF, highlighted the progress made by Complete Farmer in facilitating global trade for Ghanaian farmers. He noted that the platform’s technology and farming protocols have enabled farmers to access quality inputs, agronomical support, and premium markets, ultimately resulting in improved yields and income for farmers.
Complete Farmer, founded in 2017 by CEO Desmond Koney, operates as an end-to-end agricultural marketplace connecting African producers with global industries. The platform’s proprietary cultivation protocols enable both smallholder and commercial farmers to cultivate commodities that meet global market specifications, ensuring post-harvest offtake.
The company offers two primary solutions: CF Grower, which assists African farmers in optimizing productivity and gaining access to global markets through precision farming instruments and data-driven cultivation protocols, and CF Buyer, which provides global purchasers with access to commodities grown to their specifications, streamlining the procurement process.
Since a strategic pivot two years ago, Complete Farmer has experienced rapid growth, bringing together over 12,000 farmers across five key regions in Ghana. The platform has overseen the cultivation of over 30,000 acres of land and has successfully delivered commodities to Asia, Europe, and other global destinations while reducing post-harvest losses.
Complete Farmer’s revenue has skyrocketed, reaching $5.3 million by the end of 2022, with projections to reach $7.5 million in 2023. The company, which takes a 30% commission of profits made per trade between farmers and buyers, has ambitious plans to generate additional revenue streams.
Among these initiatives, Complete Farmer is developing an embedded finance product to facilitate direct remittance from buyers to farmers. Additionally, they are working on a vendor platform where farmers can purchase fertilizers and commodities to enhance farm efficiency.
The investment secured in this funding round will be instrumental in scaling these new products, establishing strategic partnerships, expanding domestic operations, and financing CAPEX and working capital investments, including the expansion of fulfillment centers in Ghana and the launch of new ones in markets such as Togo.
Complete Farmer’s commitment to transforming agriculture in Ghana is set to make a significant impact, benefiting both farmers and global industries while contributing to the growth of the nation’s agritech sector.