Moroccan foodtech Terraa, which links farmers and food stores, revealed that it has raised $1.5 million in pre-seed funding from a group of investors.
With the investment, Terraa will be able to improve its food supply operations across the nation, grow its staff, improve its technology infrastructure, and increase its operations in the major cities of Morocco.
Benoit De Vigne, Terraa’s co-founder and chief operating officer, in a statement said he was “looking forward to seeing the good impact Terraa’s technology will have on the lives of millions of farmers and customers” in the Kingdom.
In order to overhaul the Moroccan food supply chain and increase farmers’ wages, Terraa, which claims to have garnered significant traction in its first weeks of operation, will link farms directly to urban markets.
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More than 60% of Africa’s population is reached by Terraa, which sources directly from farmers and delivers to grocery stores and convenience stores. Terraa claims to tap into a $500 billion industry. The startup contends that intermediaries, operational inefficiencies, a lack of technology, and a lack of data undermine Africa’s food supply chain, resulting in high pricing, subpar food quality, and food waste.
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.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard