Village Capital, a global non-profit organization focused on early-stage investments, has announced an $850,000 investment in three African agritech startups: Aquarech in Kenya, Crop2Cash and Coamana in Nigeria. This funding comes as part of Village Capital’s Reducing Inequalities Investment Facility, backed by FMO’s MASSIF Fund, which has now invested $1.6 million across four startups. AponTech, a Bangladesh-based startup, is number 4 on the list and is addressing crucial needs within the factory worker community by enabling them to access credit and discounted household essentials.
Aquarech, a Kenyan startup operating in both business-to-business (B2B) and business-to-consumer (B2C) sectors, offers fish farmers a buy-now-pay-later (BNPL) solution for fish feed. Additionally, the company provides training and precision agriculture tools to help fish farmers improve their practices and income.
Coamana, founded in Nigeria in 2018 by Hafsah Jumare, focuses on digitizing farmer management processes. Through its marketplace product, Amana Market, farmers and traders can buy and sell products, access loans, and view real-time market prices and purchase requests. The startup employs agent networks to onboard farmers and traders into its digital marketplace, facilitating informed decision-makingand improved crop pricing for farmers.
Founded in 2018, Crop2Cash is a Nigerian startup revolutionizing financial inclusion for underserved farmers. Utilizing USSD technology, Crop2Cash enables farmers to quickly open bank accounts using basic phones. Partnering with financial institutions, the platform offers comprehensive services, including transactions, credit, and insurance. Crop2Cash also operates a marketplace for agricultural inputs and connects farmers with agro-processors and suppliers, expanding market access.
This investment reflects the growing trend of tech-driven agricultural startups in Africa, which are working to connect farmers, consumers, and businesses in the agricultural sector.
Kavon Badie, Investment Officer at Village Capital, expressed enthusiasm about the investment in Coamana, highlighting its potential to strengthen digital infrastructure for agricultural trade markets across Africa, leading to improved price transparency, efficiency, market linkages, and access to finance.
This latest investment by Village Capital underscores the increasing interest and support for African agritech innovation, as the continent seeks to enhance its agricultural sector through technological solutions.