Berlin and Cameroon-based AgTech startup COOKO recently secured a pre-seed funding round of over €800,000 ($872,256) to revolutionize the cocoa value chain. The investment was led by a US family office, who not only maintained their existing position but also increased their investment. Additionally, there were significant tag-along investments from previous friends and family rounds, demonstrating the trust in COOKO’s vision, product, and team. COOKO successfully closed its seed extension round on June 12, bringing their total raised funds to over €1.7 million since incorporating in July 2021.
The primary intention behind this investment is to accelerate COOKO’s mission of transforming the agricultural value chain, with a particular focus on cocoa.
Reasons for the Investment
The decision of investors to allocate significant funds to COOKO can be attributed to several compelling factors. COOKO’s unique approach to artisanal agriculture, especially in Cameroon, the fourth-largest cocoa producer country, has gained significant momentum. The company’s success in designing the national traceability system for Cameroon has attracted attention and support. COOKO plans to further develop their research and development facility in Cameroon’s cocoa heartland to generate cash flow while benefiting farmers. By tripling revenues from the facility within three months, COOKO has demonstrated the scalability of their concept, which impressed investors and instilled confidence in their product development roadmap.
Again, COOKO’s positioning at the intersection of “ESG data/fintech/sustainable-impact” enables them to tap into multiple revenue streams and high-value data, fostering further growth opportunities. This diversification of revenue sources and the potential for leveraging sustainable impact aligns with the growing market demand for companies that prioritize environmental, social, and governance (ESG) factors.
A Look at COOKO
COOKO GmbH was founded in 2021 by Ferdi Van Heerden. The company aims to transform the agricultural industry by creating connected, efficient, and regenerative value chains. COOKO’s primary focus is on artisanal agriculture and agri-tech, with the goal of revolutionizing the industry for the better.
COOKO’s initial target is the cocoa market, starting from the point of harvest. They prioritize the welfare of farmers and seek to establish value-added relationships for hard-to-trace commodities, beginning with cocoa. Through their data-driven platform, COOKO empowers farmers, trades, buyers, and the industry as a whole with valuable insights, data, and tools for tracing agri-commodities. By inserting a digital click “at-source” to embed traceability data, COOKO ensures fairer payments to farmers and better systems data for the entire value chain. Their approach also aims to reduce environmental impact, foster connectivity among stakeholders, and improve sustainability practices along the value chain.
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With a strong commitment to harnessing innovation, COOKO addresses global challenges related to farmer and food security, as well as sustainability. The company operates as a registered GmbH, with a wholly-owned subsidiary in Cameroon, where they actively pursue their mission and drive positive change in the cocoa industry.
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