The Brazilian agtech AgroForte announced a $1M (BR$6M) funding round led by Futurum Capital. Other investors included The Yield Lab, Kalei Ventures, and various angel investors.
AgroForte is an agri-fintech, offering credit solutions to farmers in Brazil. The startup is focused on rural producers who work with agribusiness and cooperatives in their supply chain to facilitate access to resources.
There are four main production lines where farmers may need additional financial support: purchase of animals, costing, production structure, and anticipation of receivables.
Farmers can apply for credit via the AgroForte app. The agtech then checks credit history, including factors such as production volume, quality of batches, and debt.
Once approved, the agtech then deposits the loan directly into the producer’s account. Customers have six to 24 months to repay the loans. The app also allows customers to easily track the entire financing flow.
“We are making access to credit more democratic for small and medium-sized rural producers, offering financing alternatives with agility and transparency. Our mission is to promote financial inclusion in the countryside,” said Felipe D’Ávila, co-founder CEO of the startup.
Agtech AgroForte currently serves more than 3,000 producers and cooperative members with credit lines.
With the new funding, the e-commerce agtech plans to expand its product offerings with new credit solutions. The company is also planning widespread growth throughout Brazil to reach more customers.
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