South African agri-tech startup Nile has successfully raised ZAR 200 million (approximately $11.3 million USD) in a funding round aimed at expanding its digital marketplace and enhancing access to financing for farmers across Southern Africa.
Founded in 2021 by Louis de Kock, Eugene Roodt, and Rick Kleynhans, Nile provides a digital platform that addresses key challenges in the agricultural sector, including:
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Price Transparency: Enabling farmers to access real-time pricing information.
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Quality Verification: Ensuring the quality of produce through standardized assessments.
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Payment Speed: Accelerating payment processes to improve cash flow.
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Produce Traceability: Tracking the journey of produce from farm to market.
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Reducing Food Waste: Minimizing losses through efficient logistics and inventory management.
The company’s platform connects farmers directly with buyers, streamlining the supply chain and reducing reliance on intermediaries.
The funding round was led by the Cathay AfricInvest Innovation Fund, with co-investment from FMO, the Dutch entrepreneurial development bank, and participation from Platform Investment Partners, an existing investor. This investment underscores the confidence investors have in Nile’s potential to revolutionize the agricultural sector through technology-driven solutions.
With the new capital, Nile plans to Increasing the range of products available to farmers, partnering with leading banks to provide farmers with access to capital and developing a comprehensive platform that offers value-added services and reduces risks for farmers.
Co-founder Louis de Kock emphasized the rapid adoption of Nile’s digital trading solutions by farmers and expressed the company’s commitment to building a robust digital ecosystem that supports farmers’ needs beyond trade.
Nile’s successful funding round marks a significant milestone in the company’s journey to empower farmers through digital solutions. With the support of strategic investors and a clear vision for expansion, Nile is poised to play a pivotal role in transforming the agricultural landscape in Southern Africa.
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