South African agri-tech company Khula has successfully raised $6.8 million in its ongoing Series A funding round, with backing from notable investors including Absa Bank and PepsiCo.
Launched in 2018, Khula has developed a digital ecosystem that supports multiple aspects of the agricultural value chain.
The startup’s platform comprises three key services: a fresh produce marketplace, an input marketplace, and a funder dashboard that streamlines transactions between buyers and sellers.
Khula initially piloted its platform with around 400 farmers before scaling to over 7,000 active users.
Currently, the platform provides access to more than 5,000 products, enabling farmers to efficiently source inputs and connect with buyers.
With this latest investment, Khula aims to accelerate its expansion, with plans to extend the Series A round later this year.
Among the investors supporting this growth are South Africa’s Absa Bank, PepsiCo’s Kgodiso Fund, AECI, and E Squared.
Faisal Mkhize, chief executive for relationship banking at Absa Group, emphasized the bank’s commitment to supporting the digital transformation of the agricultural sector.
“As the leading financier of agriculture in South Africa, this investment aligns with our goal of enhancing efficiency and productivity through digitization, ultimately making the sector more competitive,” he stated.
Khula’s latest funding milestone positions it as a key player in agri-tech innovation, helping farmers access markets, secure funding, and improve their productivity in a rapidly evolving industry.
“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.
Equator Africa, a venture capital firm, has secured an additional $5 million from the International Finance Corporation (IFC) to support businesses and foster innovation within Africa’s climate tech sector.
The Bill & Melinda Gates Foundation has announced that it will fund 29 healthcare supply chain startups in Africa.
South Africa’s digital banking innovator, Tyme Group, has secured $250 million in a Series D funding round, propelling its valuation to $1.5 billion.
© 2021 Empower Africa. All rights reserved.
