Kenyan agritech Shamba Pride raises $3.7m to scale operations
TLDR
- Kenyan agritech startup, Shamba Pride, raises $3.7 million in debt-equity funding round to strengthen operations and expand merchant network
- European Union agriculture financing initiative, EDFI AgriFI, and Seedstars Africa Ventures (SAV) contribute $1.7 million in equity
- Funding marks significant development for Shamba Pride, following previous funding of $1.1 million for nationwide expansion and rollout of agricultural solution to over 1000 shops.
Shamba Pride, a Kenyan agritech startup, has raised $3.7 million in a debt-equity pre-Series A funding round. The funds will be used to strengthen the company's operations in Kenya and expand its merchant network.
Notably, the European Union agriculture financing initiative, EDFI AgriFI, and Seedstars Africa Ventures (SAV) participated in this funding round, contributing $1.7 million in equity.
This recent funding marks a significant development for Shamba Pride, coming more than two years after the company secured $1.1 million in funding from Seedstars Africa Ventures and Gray Matters Capital. The earlier funding was aimed at supporting the startup's nationwide expansion and the rollout of its agricultural solution to over 1000 shops.
Key Takeaways
Small-scale farmers within Kenya's agricultural sector are a critical component that contributes 33% to the country's GDP. This sector plays a significant role in employing over 40% of the nation's population, with more than 70% residing in rural areas. The industry at large is a major driver of Kenya's economy, accounting for 65% of the nation's export revenue and serving as a vital source of innovation. Shamba Pride specializes in providing support to these farmers by establishing market links, offering Buy Now, Pay Later (BNPL) financial services, and disseminating training information through its USSD platform. Recognizing the importance of the agritech sector and the challenges within the farm input supply chain, such as sourcing, erratic pricing, quality concerns, and stockouts, the company is strategically planning to expand its operations into neighboring markets. Tanzania, Uganda, and Zambia are among the countries earmarked for exploration, aiming to address similar agricultural challenges in these regions.
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