Pre-series A round raises €10m to drive Ghana-based Complete Farmer’s expansion plans aimed at supporting innovation and creating a stronger agricultural value chain in West Africa.
Amsterdam-based impact investor Goodwell Investments has invested in Complete Farmer, a digital marketplace that brings together African farmers and international buyers, with the aim to create a more efficient agricultural value chain in West Africa.
Through its uMunthu II fund and in collaboration with long-term partner Alitheia Capital, Goodwell invested $2m in equity as part of a pre-series A round that raised a total of $10m in equity and debt. Other investors participating in the round included Acumen Resilient Agriculture Fund, Proparco and Newton Partners.
Ghana-based Complete Farmer uses data and technology to build a more sustainable and inclusive agricultural ecosystem which benefits both farmers and commodity buyers.
The platform gives farmers “an advantage from the start, introducing modern farming techniques and data-driven cultivation protocols to improve productivity and reduce post-harvest losses”. Farmers and smallholders also gain direct access to global buyers, ensuring premium pricing and guarantee offtake of their crops.
According to the company, farmers selling through the platform see average net profit margins of 52%, compared to 20% when selling through middlemen.
Expansion plans
Complete Farmer has already made a significant contribution to the region’s agricultural sector by bringing together over 8,000 farmers, overseeing the cultivation of 31,429 acres of land, and delivering commodities to global buyers.
The investment will support the company’s growth plans which include further developing the capabilities of their digital platform, researching new ways to increase farmers’ yields, and expanding operations in Ghana and beyond.
Oluwakemi Olajide, senior investment associate at Ailtheia Capital, commented on the company’s potential to drive impact. “Complete Farmer’s work exemplifies our desire to improve opportunities and livelihoods for Africa’s farmers. Their home-grown technology provides a vital bridge between local farmers and global markets, resulting in increased incomes, elevated product quality and active involvement in the wider value chain.”
