In light of Africa’s agricultural sector’s undeniable social and economic significance, the Ghanaian agritech company, Complete Farmer, recently concluded a substantial $10.4 million pre-Series A funding round. This investment comprised $7 million in equity and $3.4 million in debt financing. Notable contributors to the equity portion included the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, in partnership with Goodwell Investments, with participation from Proparco, Newton Partners, and VestedWorld Rising Star Fund. On the debt side, Sahel Capital’s SEFAA Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments provided the necessary funding.

Complete Farmer’s primary goal is to revolutionize farming practices in the region by focusing on building essential technical and physical infrastructure that can enhance the efficiency of the agricultural value chain. This includes facilitating access to global markets for Ghanaian farmers, introducing them to new crops, and promoting sustainable farming practices. The company’s technology platform and farming protocols enable farmers to access quality inputs, receive agronomical support, and connect with premium markets, leading to improved yields and income for these farmers. The infusion of capital is expected to help Complete Farmer consolidate its efforts in achieving these objectives.

Why the Investors Invested

The investors’ decision to contribute to Complete Farmer’s funding round can be attributed to several key factors. In the first place, the company has demonstrated remarkable progress in facilitating global trade access for Ghanaian farmers. By introducing them to new crops and sustainable farming practices, Complete Farmer has effectively increased the economic opportunities for these farmers. The investors likely recognized the potential for significant positive social and economic impact in the region through such initiatives.

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Again, the technology platform and farming protocols developed by Complete Farmer have proven to be effective in improving yields and income for farmers. This data-driven approach ensures that farmers can produce commodities that meet global market specifications, making them more competitive in the global marketplace. The investors likely saw the value in supporting a company that contributes to the empowerment and economic upliftment of smallholder and commercial farmers.

Moreover, the investors may have been drawn to Complete Farmer’s holistic approach as an end-to-end agricultural marketplace. This platform connects African producers and global industries, providing access to competitive markets, valuable resources, data, and collaborative opportunities. The investors likely recognized the potential for Complete Farmer to play a pivotal role in transforming the agricultural landscape in Africa, addressing supply chain and infrastructure limitations, and ultimately driving economic growth in the region.

A Look at Complete Farmer

Complete Farmer was founded in 2017 with a mission to revolutionize farming practices in Africa. The company’s CEO, Desmond Koney, who originally graduated as a mechanical engineer, ventured into agriculture after inheriting his father’s farm. This move was prompted by the discovery of widespread challenges throughout the agricultural value chain, inspiring him to digitize and modernize farming practices.

Initially, Complete Farmer operated as a contractor, cultivating farms on behalf of clients. In 2018, it introduced a crowdfunding platform that allowed users to invest in sustainable farms and monitor agricultural activities. However, the onset of the pandemic disrupted crowdfunding operations, leading to scalability and payment issues. Consequently, Complete Farmer transitioned to an aggregator and marketplace model, leveraging its experience as a contractor and its relationships with thousands of farmers.

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The platform has since grown rapidly, bringing together over 12,000 farmers across five key regions in Ghana and overseeing the cultivation of over 30,000 acres of land. It has successfully delivered commodities to global markets while reducing post-harvest losses. Complete Farmer’s revenue has surged from $2.8 million in 2021 to $5.3 million in 2022, with projections to reach $7.5 million in the current year.

As part of its growth strategy, Complete Farmer plans to introduce new product lines, including an embedded finance product to facilitate direct remittances and a vendor platform for farmers to purchase essential resources. The recent investment will be pivotal in scaling these products, forging strategic partnerships, expanding domestic operations, and financing infrastructure developments, such as additional fulfillment centers in Ghana and expansion into new markets like Togo.

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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. 
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