Ghanaian agricultural marketplace, Complete Farmer, has successfully raised $10.4 million in a pre-Series A funding round, consisting of $7 million in equity and $3.4 million in debt financing. The equity portion of the funding round was co-led by The Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, with participation from Proparco, Newton Partners, and VestedWorld Rising Star Fund. Debt financing was secured from Sahel Capital’s SEFAA Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments.
About Complete Farmer
Founded in 2017 by Charles Ofosuhene, Desmond Koney, and Zoussi Ley, Complete Farmer operates as a comprehensive digital agriculture platform. The company aims to bridge the gap between agricultural producers and buyers while eliminating intermediaries and aggregators. It provides precision farming tools, data-driven cultivation protocols, and a reliable channel for global buyers to access quality agricultural commodities.
Complete Farmer’s Two Primary Solutions
- CF Grower: Designed to support African farmers, CF Grower helps optimize agricultural productivity, gain access to global markets, and improve overall living standards. It achieves this through precision farming tools and data-driven cultivation protocols.
- CF Buyer: Targeting global buyers, CF Buyer offers a simplified digital platform to procure quality-certified agricultural products. It connects buyers with a network of qualified producers, streamlining the procurement process and offering transparency from order initiation to fulfillment.
Key Achievements and Financial Performance
- Complete Farmer has united over 12,000 farmers across five key regions in Ghana.
- The platform has managed the cultivation of more than 30,000 acres of land, facilitating the export of agricultural commodities globally.
- In terms of financial performance, the company generated $2.8 million in annual revenue by the end of 2021, with revenues reaching $5.3 million in 2022. It aims to achieve $7.5 million in revenue in the current year.
Complete Farmer is actively working on developing a vendor platform to enable farmers to acquire essential commodities, such as fertilizers, to enhance the efficiency of their farming operations. Additionally, the company is working on an embedded finance product aimed at simplifying direct remittances from buyers to farmers. These initiatives reflect Complete Farmer’s commitment to further empowering farmers and enhancing the agricultural ecosystem in Ghana.
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