twitter RSS Feed linkedin acp contact

Wefarm secures US$13mn in funding to scale smallholder agricultural ecosystem

Wefarm, the digital network for global small-scale agriculture, has raised US$13mn in a Series A financing round led by Silicon Valley venture capital firm True Ventures

Wefarm 8Farmers will be able to access quality products and services, such as seeds, fertilisers etc. (Image source: Wefarm)

This financing round is expected to help Wefarm further scale its network of 1.9mn farmers, and its newly created Marketplace, to connect farmers in Africa, even those without internet access, to the information, products and services they need to be more successful. Investing alongside True Ventures are AgFunder and June Fund, among others. The company received significant follow-on investment from LocalGlobe, ADV and Norrsken Foundation.

Farmers will be able to access quality products and services, such as seeds, fertilizers and a range of other items from trusted retailers and brands. In line with Wefarm's bottom-up model, all products, services and retailers on the platform have been recommended by Wefarm users and can even be purchased through SMS.

Disproportionally, smallholder farmers lose too much time and money due to fake or faulty agricultural products. Farm yields in many parts of Africa are just one-fifth of farm yield in the United States or Europe. Poor-quality seeds and fertilisers also limit growth in plants and animals. Given that smallholder farmers grow roughly 70 per cent of the world's food, Wefarm intends to use its technology to help close this yield gap.

The company’s funding announcement coincides with another notable growth milestone of reaching US$1mn in total sales from the Wefarm Marketplace in just eight months since launch; that’s faster growth than both Amazon and eBay in their early stages.

With Marketplace sales growing at more than 40 per cent month on month, the business is on a rapid growth trajectory. Over the next 12 months, it aims to diversify into supporting farmers with both financing and delivery, as well as enabling them to trade the commodities and crops they grow, with the goal of becoming a key part of the global supply chain on behalf of the farmer.

Wefarm CEO and founder Kenny Ewan said, “If we can inspire 100mn farmers to work together on one platform, we can fundamentally shift global agriculture and trade in their favour, and this round of funding will take us even closer to bringing this vision for improved farm yields into fruition.”


LATEST NEWS IN Agriculture

African food imports bill predicted to double by 2030

African food imports bill predicted to d…

Experts have warned that the cost of Africa’s yearly food imports could increase from US$50bn to US$110bn by 2030 if immediate measures aren’t taken to increase food production

Wildlife and forestry sector in the spotlight

Wildlife and forestry sector in the spot…

On August 22, the 23rd session of the African Forestry and Wildlife Commission, hosted by the Government of the Democratic Republic of the Congo opened in Kinshasa, putting the future...

Boosting investment for Africa-made cotton

Boosting investment for Africa-made cott…

At a partner’s conference on cotton, jointly organised with the World Trade Organization (WTO) and the UN Conference on Trade and Development (UNCTAD), donors were urged to mobilise resources for new partnerships.   

Nature-based solutions help farmers in Ghana

Nature-based solutions help farmers in G…

Organic pesticides, waste-based fertilisers and forest regeneration are just a few of the green initiatives being employed in Ghana to boost farming communities’ resilience to the impacts of climate...

Boosting soil nutrient mapping in sub-Saharan Africa

Boosting soil nutrient mapping in sub-Sa…

The Food and Agriculture Organization of the United Nations (FAO) is set to fast track an impact-oriented project in sub-Saharan Africa and Central America for digital soil nutrient mapping, after...

Gambia-Korea partnership seeks to double rice production to curb food insecurity

Gambia-Korea partnership seeks to double…

President Adama Barrow has received a delegation led by the Korean Ambassador to The Gambia, HE Kim Ji-Joon, at the State House in Banjul to announce the delivery of sample rice...

Prev Next

OTHER RELATED ARTICLES - Agriculture

Gambian government to set-up US$15mn commercial agriculture project

Gambian government to set-up US$15mn com…

The Gambian government through the Ministry of Agriculture in Banjul will launch the Gambia Commercial Agriculture and Value Chain Management Project (GCAV) at the Kairaba Beach Hotel in Gambia

Getting fertiliser into farmer’s hands

Getting fertiliser into farmer’s hands

To facilitate access to subsidized fertilizer for smallholder farmers, IFDC has developed a fertiliser voucher programme that relies on a public-private partnership

Case IH Sugar Camp 2017 gives African famers insight into Brazilian sugarcane production

Case IH Sugar Camp 2017 gives African fa…

Case IH Sugar Camp 2017 held in Brazil gave its African and the Middle Eastern customers the opportunity to see world-class harvesters and manufacturing plants and to witness sugarcane’s growing...

Cameroon and IFAD join forces to boost food security and support small-scale farmers

Cameroon and IFAD join forces to boost f…

The United Nations International Fund for Agricultural Development (IFAD) announced a US$59.9mn investment to fund the second phase of the Commodity Value Chain Development Support Project (PADFA II), which will ensure the availability...

Korea extends US$9mn to develop rice industry in Ghana

Korea extends US$9mn to develop rice ind…

The Republic of Korea has extended US$9mn for the development of a rice industry in the central region in Ghana

Indorama to build US$1.2bn Nigerian fertiliser plant

Indorama to build US$1.2bn Nigerian fert…

A US$1.2bn fertiliser plant is to be set up in Nigeria by a subsidiary of Indorama Corporation, and will become the world's largest urea manufacturing complex

Kenya's sugarcane farmers call on government to introduce sugar sector controls

Kenya's sugarcane farmers call on govern…

Kenyan sugarcane farmers have asked their government to control the buying and distribution of sugar in the East African country in order to stem corruption within the sugar sector

Uganda considering GM crops for food security solution

Uganda considering GM crops for food sec…

Uganda could be close to legitimising GM crops in order to boost production in the country, according to the Uganda Biotechnology and Biosafety Consortium

IFRC President: Lesotho’s vulnerability to drought will continue without increased investment in resilience

IFRC President: Lesotho’s vulnerability …

Lesotho will continue to experience devastating droughts and food crises unless there is a dramatic increase in investment in community-level resilience and preparedness

The UK space firm to support Kenyan coffee farmers

The UK space firm to support Kenyan coff…

The UK government has announced a new project to help Kenyan and Rwandese coffee farmers to improve crop quality and yield

Desert locusts could cause up to US$8.5bn in damages by the end of 2020

Desert locusts could cause up to US$8.5b…

Heavy flooding, as well as the effects of restrictions imposed in response to the COVID-19 pandemic, will compound the socio-economic impact of locust infestations in East, according to the Unitd...

AfDB and Nigeria to implement special agro-industrial processing zones

AfDB and Nigeria to implement special ag…

The African Development Bank (AfDB), in collaboration with the government of Nigeria, has held a meeting with stakeholders to discuss details around special agro-industrial processing zones in Nigeria

Prev Next