Colombian fintech AgriCapital raised $7.4M in a round led by Alive Ventures. Bancolombia, Comfama, and other investors also participated in the equity part of the round. BID Lab, AlphaMundi, Bancolombia, and others participated in the debt portion. Alive Ventures’ Managing Partner Virgilio Barco will join AgriCapital’s board.
AgriCapital will use the funds to expand in Colombia and to continue to develop personalized financing products.
“Our obsession is to eliminate barriers of access that small and medium-sized farmers face when trying to obtain credit to grow and make their businesses profitable. With this investment round, we guarantee resources to continue investing in the processes and technology that allow us to provide tailored credit products for each type of crop in an efficient and simple way,” said AgriCapital’s Co-Founder and CEO Juan Sebastian Correa.
AgriCapital provides tailored credit solutions for Colombian farmers to buy machinery and supplies with flexible repayment options based on their agricultural cycles.
Founded in 2016, AgriCapital recently secured an undisclosed amount of debt from AlphaMundi to extend additional loans. 45% of Agricapital’s client base did not have any credit history before using Agricapital.
Read more on LatamFintech Hub.
