Investment

SP Ventures leads $23M investment in Argentina’s Agrofy

LatAm ListAgrofy, an Argentine agricultural supplies marketplace, raised a $23M Series B round led by SP Ventures with contribution from Fall Line Capital and ACRE Capital.

Agrofy facilitates agile and transparent transactions between producers and consumers in the agriculture industry. The platform enables individuals to buy and sell a range of agricultural products from tractors to seeds. 

Agrofy operates in nine countries across Latin America and receives up to 5 million visits a month, 60% of which come from Brazil. However, the lack of internet connections in rural areas makes it challenging for Agrofy to reach its main consumers; Brazil comes 50th in the world for 4G connectivity.

“Creating an exponential business requires connectivity, and the internet has only recently arrived in the countryside,” said Francisco Jardim, Founding Partner at SP Ventures. 

Agrofy plans to use the funding to further develop the digital platform and create a new platform for payments within the site; payments will now be accepted through bank transfer or through credit and debit cards.

Read more on Exame.

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