The Mexican startup Verqor announced it closed a $2.5M funding round which was led by SP Ventures, the largest agribusiness investment fund in Latin America. Other funds that participated are Amplifica Capital, Mercy Corps Ventures, Magma Partners, and Angel Hub.
Verqor is a company that facilitates access to credit for farm workers and contacts them to potential buyers, allowing them to sell at better prices. Verqor’s platform helps farmers with the liquidity they need to acquire inputs such as fertilizers, agrochemicals, seeds, irrigation equipment, and more.
The prices of these inputs have increased significantly, between 70% and 100%. This means that farmers have trouble maintaining their profit margin. The Mexican startup Verqor is solving this problem by allowing them to acquire inputs on credit even if their prices continue to rise.
Nowadays, the platform works with 600 farmers in some states of Northeast Mexico, such as Tlaxcala, Puebla, Hidalgo, Guanajuato, Michoacán, among others.
The company currently has 26 employees, but intends to increase this number to 40/45 by the end of the year.
“We are looking to continue attracting talent, it is definitely the most important thing for a company […] So is the technological development part, continue investing in our technology, our platforms,” says Hugo Garduño, founder of Verqor.
The startup wants to reach 2,000 producers and does not rule out the possibility of expanding operations to Central America, although the priority is to strengthen its presence throughout the country.