German investment group, GreenTec Capital Partners, has invested an undisclosed amount into Cameroonian agri-tech startup, Freshbag.
Freshbag is a digital platform that connects farmers to vendors in a bid to ensure a fair and reliable food supply network.
Freshbag buys produce from farmers at fair rates and dispatches the produce to street vendors across Cameroon.
The start-up works in partnership with agricultural cooperatives to facilitate the collection and transport of crops urban centers for distribution. This in turn enables farmers earn more from their produce by slashing post-harvest losses.
In addition to this, Freshbag is offering micro-loans and technical assistance to farmers, distributors and vendors in its network.
Freshbag currently serves 700 vendors and 2000 farmers in the Yaoundé area.
Senior Company Builder at GreenTec Capital Partners, Xavier Chapel, said, “Investing in Freshbag is straightforward for GreenTec Capital. Brice and his team succeeded in creating their platform and the ecosystem in a few months, bringing real added value for agriculture cooperatives and street vendors in Yaoundé. With our support we believe Freshbag will boost its presence in Cameroon and in western Africa.”
CEO Freshbag, Brice Ludovic, said, “We are of course pretty excited. Thanks to Greentec Partnership, we now have a real opportunity to go into growth mode, scale our operations and ultimately create a bigger impact for the millions of street vendors across Africa. A dream now closer to become a reality”
Greentec Capital has invested into several African start-ups and SMEs. In 2020 alone the firm has invested in;
- Pricepally (Nigeria): An e-commerce platform
- Sumundi (Ghana): A retail-tech startup
- Coliba (Ivory Coast): a waste management startup
- Amitruck (Kenya: an e-logistics startup
- Kwiks (Morocco), an innovative Moroccan digital platform that specializes in rapid personnel sourcing