iFarmer, an agriculture finance and supply chain platform in Bangladesh, closes six-figure investment from Falcon Network and Accelerating Asia Ventures to transform farmer livelihoods, as reported by Salaam Gateway. The company bundles finance with agriculture inputs, advisory services, insurance and market access for the farmers.
Established in 2018, iFarmer is driven by the passion to improve the lives of the farmers and agri MSMEs. It offers:
- Tech-enabled supply chain network to aggregate fresh produce, directly from farming communities. Thus offering farmers, quality driven competitive prices factoring in all associated costs and expenses, simple payment terms and logistics support.
- An agriculturally relevant and data-driven model to assess risk and return to develop funding schemes that fit the needs of smallholder farmers and the farm funders.
“We are super excited to be associated with Falcon Network and Accelerating Asia. 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.”Fahad Ifaz, Co-Founder and CEO, iFarmer
iFarmer has to date facilitated $3 million in farm and agriculture input financing and impacted the lives of six thousand farmers. The company is putting data at the center of farming and finance, and currently targeting the 20m+ farming households in Bangladesh that are largely unbanked and rely on informal channels for finance.