iFarmer, an agritech platform that connects farmers with investors in Bangladesh, has today announced the closing of a six-figure investment from Falcon Network, a Dubai-based investor in early-stage mission-driven businesses, and Accelerating Asia, an early-stage venture capital fund with a focus on pre-Series A startups in Southeast and South Asia.
Established in 2018, iFarmer is enabling individuals and institutions in Bangladesh to sponsor farmers and easily fund farming and agriculture activities. iFarmer is currently targeting the 20m+ farming households in Bangladesh that are largely unbanked and rely on informal channels for finance. iFarmer has to date facilitated $3million in farm and agriculture input financing and impacted the lives of six thousand farmers. iFarmer is a graduate of the award-winning Singapore-based accelerator, Accelerating Asia, and is supported by UNCDF Fintech Innovation Fund and Startup Bangladesh IDEA Project.
“We are super excited to be associated with Falcon Network and Accelerating Asia,” said Fahad Ifaz, Co-Founder and CEO, iFarmer. “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.”
The deal marks Falcon Network’s third investment in Bangladesh in 2020 and takes Falcon Network’s total invested capital to over USD 2.5 million across its focus geographies. Zohaib Patel, Partner, Falcon Network, added: “As we mark our third investment into Bangladesh, Falcon Network is excited to support the fundamental transformations that digital and financial enablement will make on the lives of millions of farmers in Bangladesh and beyond. We look forward to supporting the highly competent and committed team at iFarmer with our strategic and financial advisory and networks around the broader region as they look to grow beyond Bangladesh.”
For Accelerating Asia, as one of the first international venture capital funds to invest in Bangladesh, the additional commitment into iFarmer is a continuation of the ongoing support and investment into the region. As an accelerator VC, startups in the portfolio continue to gain traction and raise investment, with over US$17M raised to date. iFarmer is no exception, as they go from strength to strength.
Craig Dixon, Co-Founder of Accelerating Asia, said: “The iFarmer team has the perfect skill sets and background to execute on their model, creating enormous value for both their farmers and their investors. During our 100-day accelerator program, iFarmer stood out in its execution and efficient resource allocation. iFarmer is a great example of an exceptional business model that also adds tremendous positive impact, a great fit with the modus operandi of Accelerating Asia.”