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Home Startup

Ugandan Agritech Startup Emata Secures $2.4 Million Seed Funding 

by Joan Aimuengheuwa
September 14, 2023
in Startup
0
Ugandan Agritech Startup Emata Secures $2.4 Million Seed Funding
Emata Team

Emata Team

UBA
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Emata, a Ugandan startup that focused on bolstering farming financing, has secured $2.4 million in a recent seed funding round. 

The unique approach of offering affordable digital loans to farmers has garnered significant attention from investors and is poised to reshape agricultural finance across East Africa.

This funding round, comprising $1.6 million in debt and $800,000 in equity, was raised by support from key investors, including African Renaissance Partners, Norrsken Accelerator, Draper Richards Kaplan Foundation, and contributions from angel investors Marcus Boström and Zephyr Acorn. 

Emata’s innovative approach has drawn widespread recognition, with the startup being selected for the prestigious Norrsken Impact Accelerator in June 2022. The startup’s mission is to bridge the agricultural finance gap in sub-Saharan Africa, where farming constitutes a substantial 23% of the GDP. 

Currently estimated at a staggering $240 billion, this financing gap limits the potential of smallholder farmers who often resort to costly bank loans. Emata disrupts this paradigm by offering collateral-free loans to small-scale farmers through partnerships with cooperatives and farmer-based organizations. These strategic collaborations also facilitate the seamless repayment of loans.

Founded out of frustration with the lack of technological innovation in African agricultural financing, Emata has come a long way since its inception in 2020. The startup obtained its Microfinance License in Uganda in December of the same year and commenced lending to dairy farmers in February 2021. Their impactful journey continued with victories such as winning Catapult Inclusion Africa in May 2021 and participation in the prestigious Plug & Play accelerator program in September of the same year.

In 2022, Emata expanded its loan portfolio, catering to maize, oilseeds, and coffee farmers. It also secured a substantial $590,000 facility for external on-lending capital, further solidifying its commitment to empowering farmers. The recognition followed their remarkable progress, with Emata receiving the esteemed title of “Best Newcomer” at the Global Startup Awards.

Looking ahead, Emata is scaling its operations in dairy, coffee, maize, and oilseeds while actively exploring new value chains. The $2.4 million seed funding will play a pivotal role in propelling these ambitions forward. Emata’s Founder & CEO, Bram van den Bosch, expressed his enthusiasm, stating, “Our solution turns a lifelong struggle into a five-minute process, and is already tangibly impacting thousands of East African farmers.” Emata dares farmers to dream big, and with this substantial seed round, those dreams are now even more attainable.

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Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

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Tags: Bram van den BoschDraper Richards Kaplan FoundationEmataNorrsken Accelerator
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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