Bangladeshi AgriTech Startup iFarmer Gathers Six-Figure Investment
On December 23rd, the rising AgriTech Startup, iFarmer, announced that the company has closed in revenue in a six-figure investment. This is a massive milestone for the company. The investors are Falcon Network and Accelerating Asia.
Bangladeshi Startup iFarmer Gathers Six-Figure Investment
iFarmer had been launched back in 2018. The AgriTech startup has goals set in facilitation of households with farming capacity. These farming households are unbanked and they rely on the non-formal financing to support their work. The startup has helped more than 5000 farmers in Bangladesh, helping with a total of $3 million.
An investor organization, which is based in Dubai, Falcon Network, along with, an seed venture capital fund, Accelerating Asia- they are providing the investment capital for iFarmer.
The Co-Founder and CEO of iFarmer, Fahad Ifaz,
“We are super excited to be associated with Falcon Network and Accelerating Asia.”
He also stated,
“In addition to the funding, our investors bring wide-ranging expertise in financial services and technology across emerging markets that will enable iFarmer to develop new services and accelerate our growth. We are grateful to Falcon Network and Accelerating Asia for believing in our vision to democratise the agriculture financing and supply chain by harnessing technology and a data-driven approach.”
Since October of last year, iFarmer has teamed up with Green Delta Insurance in pursuit of covering for accidents to ensure the capital of the sponsors are safely handled.
iFarmer is a supported by UNCDF Fintech Innovation Fund and IDEA Project of Startup Bangladesh. It was founded in 2017 and launched in 2018. This Agri Tech startup is under the farming industry, and is still a private company. Their specialty includes harvesting, Organic fruits and vegetables.
The app connects people related to agriculture industry and contributes into expanding the farming and bringing the farming supply chain into completion. This innovative entrepreneurial impact tech business has created an online platform that is already showing promising results in Agricultural Technology in Bangladesh. You can visit their site at https://ifarmer.asia/
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