Ghana's Oyster Secures $2M to Boost Climate-Smart Agriculture
TLDR
- Oyster Agribusiness, a climate-smart agri-tech firm based in Ghana, secures $2 million funding for operational expansion.
- Funding led by Pangea Africa Limited, including Root Capital and SEFAA Fund, to support Oyster's mission of aiding smallholder farmers and promoting sustainable farming practices.
- Founded in 2018, Oyster utilizes innovative technologies like seeders and drones to empower farmers, impacting over 4,500 smallholders and supplying 25,000 tons of produce.
Oyster Agribusiness, a Ghana-based agri-tech firm specializing in climate-smart agriculture, raised $2 million in funding to scale its operations.
Led by Pangea Africa, the funding round included Root Capital, RDF Ghana, and Sahel Capital's SEFAA Fund, aiming to expand Oyster’s reach to more farmers and enhance sustainable farming practices to strengthen Ghana’s agriculture against climate change.
Founded in 2018, Oyster supports smallholder farmers with sustainable inputs, advanced agronomic techniques, and secure market access. Leveraging tech such as seeders and drones, the company has contributed over GH¢60 million ($3.8 million) to farmers, impacting 4,500 smallholders, cultivating over 20,000 acres, and supplying 25,000 tons of produce to local and international markets.
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Key Takeaways
Oyster's growth highlights the potential of agri-tech to transform Ghana's agricultural sector. With Ghana’s agriculture market projected to reach $3.87 billion by 2029, Oyster’s model supports the sector’s sustainability and inclusivity goals. The agritech funding landscape in Africa has been expanding, with $864.2 million raised cumulatively in 2023, emphasizing strong investor interest in climate-smart farming. Addressing the challenge of declining youth engagement in agriculture, industry leaders advocate integrating IT with agricultural skills.
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