Kenyan Agritech Shamba Pride Secures $3.7 Million pre-Series A to Empower Farmers and Retailers
Kenyan agritech startup Shamba Pride has secured a $3.7 million pre-Series A funding round.
The combined debt-equity investment, including $1.7 million in equity, will fuel Shamba Pride’s expansion plans and empower both farmers and retailers across Kenya.
This latest funding round, led by the European Union’s EDFI AgriFI initiative and Seedstars Africa Ventures (SAV), builds upon Shamba Pride’s previous $1.1 million capital raise in 2021.
Since its 2016 launch, the company has established itself as a crucial ecosystem for agricultural trade, offering an online-to-offline platform that empowers “agro-dealers” with tools and technology to better serve farmers.
“Agro-dealers play a vital role in rural areas, providing farmers with access to crucial inputs, services, and training,” says Shamba Pride CEO Samuel Munguti.
“This new funding will equip them with the tools and technology they need to enhance their businesses, support local farmers, and expand their commercial reach.”
Shamba Pride’s focus on empowering small-scale farmers, who contribute significantly to Kenya’s GDP and employment, aligns with the nation’s broader push towards technological innovation in agriculture.
The sector accounts for 65% of export revenue and offers immense potential for further development.
Shamba Pride’s platform provides farmers with valuable resources, including market links, Buy Now, Pay Later (BNPL) financial services, and training information accessible through a USSD platform.
Currently operating in 24 counties, the company has already enrolled over 60,000 farmers and partnered with 2,700 agro-retailers, covering more than half of Kenya.
With this new funding, Shamba Pride aims to expand its reach further, incorporating more retailers and agricultural areas throughout the country in the coming year.
Empower Africa Times Newsletter
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Shop Zetu, a fast-growing fashion marketplace based in Kenya, has raised $1 million in pre-seed funding to fuel its Africa expansion plans
The funding round was led by Chui Ventures, with participation from Launch Africa Ventures, Roselake Ventures, and Logos Ventures.
Egyptian logistics startup Bosta is gearing up for further expansion after securing a fresh investment from Axian Group, a pan-African group and investment firm.
MyCover.ai, a Nigerian startup specializing in insurance technology solutions, has secured $1.25 million to disrupt the traditional insurance industry in Africa
Founded in 2021, MyCover.ai aims to disrupt the traditional insurance industry in Africa by leveraging cutting-edge technology to provide accessible, transparent, and personalized insurance products to individuals and businesses alike..