Goodwell supports agricultural innovation in West Africa with Complete Farmer investment
Amsterdam, the Netherlands, 21 September 2023 – Goodwell is pleased to announce its recent investment in Complete Farmer (“CF”) – a digital marketplace that brings together African farmers and international buyers to create a stronger, more efficient agricultural value chain in West Africa. Working in collaboration with long-term partner Alitheia Capital, Goodwell invested USD 2 million in equity via its uMunthu II fund. The pre-series A round raised a total of USD 10.4 million in equity and debt, attracting the participation of industry leaders such as the Acumen Resilient Agriculture Fund (ARAF), Proparco, Newton Partners for equity financing; and Sahel Capital, Alpha Mundi Group and Global Social Investments for debt financing.
Led by CEO Desmond Koney and an experienced management team, Ghana-based Complete Farmer (CF) is addressing some of the biggest challenges in Africa’s agriculture value chain. Using data and technology, the company is building a more sustainable, more inclusive agricultural ecosystem by serving the needs of two distinct audiences: farmers and commodity buyers.
CF’s insights give farmers an advantage from the start, introducing modern farming techniques and data-driven cultivation protocols to improve productivity and reduce post-harvest losses. Through the CF platform, these smallholder and commercial farmers also gain direct access to global buyers, ensuring premium pricing and guaranteed offtake of their crops. For example, farmers selling through CF see average net profit margins of 52%, compared to 20% when selling through middlemen.
At the same time, CF provides international buyers – including some of the world’s largest FMCG companies – reliable access to commodities grown to their exact specifications. The CF platform allows them to easily source certified crops and digitally monitor every step of the procurement process, ensuring consistency and superior quality at a fair cost.
Coming from a farming family himself, CEO Desmond Koney has a unique understanding of the challenges of the agricultural section, explaining, “We realized there was demand and needed to determine how to satisfy it. One of the most important insights we gained was that for the majority of the large buyers, such as FMCGs and food processors, there was a specific quality they wanted that most African farmers, who were seeking market access and higher yields, lacked. As farmers, they may know how to cultivate soybeans. However, they wouldn’t know how to obtain the specifications that these large buyers desired, such as oil and protein content. So using a data-driven methodology, we developed cultivation protocols that help smallholder farmers farm more efficiently, produce superior commodities and satisfy market demand.”
Oluwakemi Olajide, Senior Investment Associate at Ailtheia Capital is enthusiastic about the company’s potential to drive impact with their innovative and sustainable business model, commenting, “Complete Farmer is creating access to global markets for African farmers by leveraging technology and farming protocols to enable farmers to produce crops that meet global market specifications. This in turn improves the yields, incomes, and livelihoods of the farmers”.
Complete Farmer has already made significant contributions to the industry, bringing together over 8,000 farmers, overseeing the cultivation of 31,429 acres of land, and delivering commodities to buyers in Europe, Asia and beyond. The pre-series A funding will directly support Complete Farmer’s ambitions to expand their reach. In the near term, the company’s top priorities include further developing the capabilities of their digital platform, researching new ways to increase farmers’ yields, and expanding operations in Ghana and beyond to better meet increasing demand from buyers.
Alongside geographic expansion and technological innovation, Complete Farmer will also use the funding to forge strategic partnerships with key stakeholders in the agriculture and technology sectors. With extensive experience in West Africa and far beyond, Goodwell and Alitheia Capital look forward to playing an active role in expanding the company’s network and supporting their growth and impact ambitions for years to come.
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For additional information and interview requests, please contact:
Liz Keel, Marketing Communications Manager at Goodwell
About Goodwell Investments
Goodwell Investments is a pioneering impact investment firm focused on inclusive growth in sectors providing basic goods and services and income generation opportunities to underserved communities in Africa and India. The firm provides early-stage equity to high growth, high impact businesses. With teams in Kenya, Nigeria, South Africa and the Netherlands and a track record of over fifteen years, Goodwell demonstrates the ability to simultaneously deliver significant social impact and strong financial returns. Since 2009, Goodwell has partnered with Alitheia Capital to identify and manage investments in West Africa, including uMunthu II –Goodwell’s latest EUR 150 million fund.
Learn more at www.goodwell.nl
About Complete Farmer
Complete Farmer is a leading Agritech company based in Ghana, leveraging technology to transform the agriculture sector in Ghana and across Africa. The company’s digital platform connects the three key stakeholders in the value chain; growers, buyers and vendors, enabling global agricultural buyers to source raw produce directly from African farmers and providing farmers with data-driven cultivation protocols that enable them grow to meet the international market standards. The company’s mission is centred around empowering farmers, optimizing agricultural productivity, and creating a more resilient and prosperous farming ecosystem.
Learn more at www.completefarmer.com