Ghanaian agricultural platform, Complete Farmer, has secured $10.4 million in a pre-Series A funding round, comprising $7 million in equity and $3.4 million in debt financing.
The equity portion of this investment was led by The Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, in partnership with Goodwell Investments’ uMunthu II Fund, alongside participation from Proparco, Newton Partners, and VestedWorld Rising Star Fund.
The debt financing came from Sahel Capital’s SEFAA Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments.
Founded in 2017 by Charles Ofosuhene, Desmond Koney, and Zoussi Ley, Complete Farmer has evolved into a comprehensive digital agricultural marketplace. It offers a streamlined solution for industries seeking high-quality farm produce and individuals interested in owning a farm, eliminating the need for intermediaries.
Initially, the agtech operated as a farm management contractor but later introduced a crowdfunding platform in 2018, allowing users to invest in sustainable farms. Despite its innovative approach, the COVID-19 pandemic disrupted its operations, prompting a strategic shift towards becoming an aggregator and marketplace model.
Chief Executive Officer (CEO), Desmond Koney explained that this shift leverages Complete Farmer’s extensive experience as both a farm contractor and a crowdfunding platform, allowing it to efficiently meet customer crop requirements.
This new direction attracted $2.2 million in seed funding from investors and accelerators, such as Ingressive Capital, EchoVC, Samurai Incubate, Kepple Ventures, and Norrsken Accelerator.
“Complete Farmer offers two main solutions: CF Grower, which supports African farmers in optimizing productivity and accessing global markets through precision farming tools and data-driven cultivation protocols, and CF Buyer, a platform for global buyers to access tailored agricultural commodities from a network of qualified producers.”
Despite competition from other market players like Khula, Twiga Foods, and Farmerline, Complete Farmer has successfully united over 12,000 farmers in Ghana’s key regions, managed 30,000 acres of land, and facilitated the export of agricultural commodities worldwide, reducing post-harvest losses.
Financially, the six-year-old agritech company has seen substantial growth, with an annual revenue of $2.8 million in 2021, reaching $5.3 million in 2022, and projecting $7.5 million for the current year.
“To diversify its revenue sources, Complete Farmer is introducing new product lines, including an embedded finance product for seamless buyer-to-farmer remittances and a vendor platform for farmers to access essential commodities, enhancing farming efficiency and contributing to overall business growth.”