The Ghanaian agrictech startup Farmerline has received grant funding from the African Development Bank.
A total sum of $23 million was given through the Agriculture Fast Track Fund.
The agrictech startup leverages innovative mobile technology to extend access to financial services, information, and high-quality input directly to farmers resulting in increased yields and incomes.
In addition, it is one of 17 agribusinesses to benefit from the AFDB fund.
Recipients will secure amounts between US$100,000 and US$1.5 million, with Farmerline to use its part of the grant to research more innovative solutions for smallholder farmers.
Although it is the latest grant funding taken in by the startup, as at late last year secured US$692,000 from the Mastercard Foundation Fund for Rural Prosperity.
The Farmerline co-founder and chief executive officer, Alloysius Attah explained that
“Farmerline is excited to welcome the Africa Development Bank among other partners who support us to create lasting profit for smallholder farmers. This investment will scale the impact of our work with farmers in our operational areas and beyond”.