Ghanaian agritech Complete Farmer raises $10.4 million to accelerate growth

In operation since 2017, Complete Farmer, which provides inputs, and market opportunities to Ghanaian farmers, plans to improve its infrastructure and access new African markets, thanks to equity and debt funding raised from 8 regional and international investors.

Ghanaian agricultural start-up Complete Farmer announced on Wednesday September 20, that it has raised $10.4 million in debt and equity pre-series A funding. The funds raised from a consortium of investors will be used to amplify Complete Farmer’s impact and reach. They will be used to finance the agritech’s expansion plans, facilitate the expansion of its operations and further enhance its technological infrastructure.

The company, which connects farmers with buyers of agricultural commodities around the world, will be investing in the development and improvement of its digital platform, further research into agricultural protocols and other innovations to improve its efficiency, while helping farmers to optimize their practices and increase their yields.

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“Complete Farmer aims to expand its operations nationally and penetrate new African countries. This will enable the company to reach more farmers […] forge strategic partnerships with key players in the agriculture and technology sectors, and build a formidable team for the company’s planned next phase of growth,” said investor Alitheia Capital, which co-led Complete Farmer’s equity fundraising with Acumen Resilient Agriculture Fund (ARAF).

The African countries targeted as part of the expansion of Ghanaian agritech are not yet known. The start-up, which offers farmers inputs, technical expertise and market opportunities, claims to have brought together more than 12,000 Ghanaian farmers on its platform since its creation in 2017. Their produce has been shipped to Asia, Europe and the rest of the world.

In sub-Saharan Africa, the agricultural sector is the main contributor to the region’s GDP, according to a report published in October 2022 by the Pan-African Farmers’ Organization (Pafo). And yet, in this part of the continent, the financing gap for agricultural SMEs reached around $100 billion, per year, according to data published in 2021 by Complete Farm. In Ghana, the agricultural sector accounts for 22% of GDP and 29.7% of jobs. It is dominated by small farms with low productivity and little mechanization.

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