iFarmer, a Bangladeshi agritech startup that connects farmers with investors, has closed a six-figure investment from Falcon Network, a Dubai based investor, and Accelerating Asia, an early-stage venture capital fund, announced the startup today.
Fahad Ifaz, Co-Founder and CEO, iFarmer said, “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. 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,” he added.
How it works
iFarmer works as a platform to connect individual farmers, who possess the skill to farm but lack the capital, with individual investors who want to invest their money in the agribusiness for availing a profit on their investment.
Upon downloading the app or visiting their website, users can select a farm from a pool of farms with different investment options. When a user selects a farm with an investment plan that suits their needs, they transfer the money to iFarmer, who then facilitates the selected farmer. After a selected period, the individual sponsor can then avail a profit on their initial investment.
Since October 2019, iFarmer has been working with Green Delta Insurance to cover any unfortunate accidents and assure the safety of the sponsor’s capital.
Launched in 2018, iFarmer, who aims to facilitate the farming households of Bangladesh who are largely unbanked and rely on informal financing, has so far, facilitated USD 3 million to 5000+ farmers across the country.
iFarmer is a graduate of Accelerating Asia and is supported by UNCDF Fintech Innovation Fund and Startup Bangladesh IDEA Project.
