In order to develop its climate-smart smallholder food production system, Kenyan startup Stable Foods has raised USD$600,000.
Stable Foods is a portfolio business of the agrifood-tech venture firm Pyramidia Ventures. It has created an integrated solution that incorporates irrigation-as-a-service (IaaS), the provision of inputs and offtake contracts, and training on best practises for regenerative agriculture. Smallholder farmers can choose from a menu of these services to layer different solutions based on their unique needs.
The proof of concept for Stable Foods will be expanded to 500 farmers by the end of 2023 with the help of US$600,000 in funding from Mercy Corps Ventures and Acumen Resilient Agriculture Fund (ARAF).
“We are thrilled with this round of funding in our very first venture coming out of the studio,” said Ruth Bertens, founder and managing partner of Pyramidia Ventures. “ARAF and Mercy Corps Ventures are fully aligned with Stable Foods’ mission and we could not be more proud of the entire Stable Foods team for getting such high-quality partners on board.”
“Stable Foods is another great addition to ARAF’s portfolio companies where we invest in innovative business models that help smallholder farmers adapt to climate change,” said Tamer El Raghy, managing director of ARAF. “The negative impact of climate change on rain patterns can’t be overstated and we believe that the Irrigation-as-a-Service solution that Stable Foods is offering represents a revolutionary service in the market.”
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
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