Aditya Hadi Pratama · · 1 min readBangladesh agritech startup bags $2.1m from local, US investors
Bangladesh-based iFarmer, an agritech startup, has raised US$2.1 million in a pre-series A round led by IDLC Ventures, the VC arm of the country’s largest non-banking financial firm IDLC Finance. US-based Millville Opportunities and government-backed Startup Bangladesh Limited also participated in this round.
The iFarmer team / Photo credit: iFarmer
Founded in 2019, iFarmer helps improve farm production efficiency through an app that analyzes performance and gives farmers access to loans. It also supports farmers by directly buying their harvests.
The company currently operates in 19 districts and serves more than 63,000 farmers. It facilitates the sale of 8,000 tons of agricultural products to wholesale and retail buyers every month.
Last year, iFarmer’s revenue saw an annual growth of 7.7x, driven by commissions from financing and sales of agricultural products and supplies, it said in a statement.
The startup was founded by Fahad Ifaz and Jamil Akbar and it has grown its team to more than 120 employees.
See also: The key players in Indonesia’s promising agritech space
The agritech firm aims to use the fresh funds to tap more districts in the country and expand its supply chain infrastructure. It also plans to develop a credit scoring system for farmers as well as to enter the IoT sector by providing sensors to improve farms’ efficiency.
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
