iFarmer, A Dhaka-based startup in agritech has raised US$2.1million in Pre-A funding.
The round was led by IDLC Ventures, the VC arm of IDLC Finance with participation from Millville Opportunities, and Startup Bangladesh Limited, the flagship venture capital fund of the Bangladesh Government’s ICT Ministry.
This round of financing will allow the company to expand to new districts in Bangladesh, to improve its supply chain infrastructure, to supply more agricultural inputs, to aggregate farm produce, as well as to hire tech talent.
iFarmer, founded by Jamil Akbar (COO); and Fahad Ifaz as CEO, was launched in 2019. It is an agritech firm that offers complete solutions for farmers, agricultural input suppliers, and buyers. This includes retailers, processing companies and wholesale markets. The company works closely with farmers to improve production, harvest predictability, and streamline agricultural supply chains through the elimination of middlemen—thereby improving farmer margins. The company offers financing through retail and institutional lenders. They also provide access to high quality inputs for farmers through partnership with agricultural companies. A team of field agents are employed by the company to help farmers meet their needs. They also provide access to analytics via an app that allows them to monitor and onboard, and allow them to access financing, inputs, retailers, and other resources. iFarmer also conducted pilots in agriculture insurance, developing a smart sensor, remote sensing-based advisory service, which covers soil analysis, fertilizer recommendation and weather advisory.
The company operates in 19 districts in Bangladesh. They currently serve close to 63,000+ farmer customers with more than 8,000 tons of monthly produce delivered to institutional buyers and wholesale markets. iFarmer is home to more than 120 employees.
The startup was part the Accelerating Asia program in Singapore. It won Seedstars Bangladesh, APAC round in 2019, and UNCDF’s Fintech Innovation award.