LatamList – TerraMagna, an agritech, raised a $2M Seed round, led by ONEVC. Other investors in the round included MAYA Capital, Acción Venture Lab, and various angel investors.
Independent Brazilian farmers fund 80% of their working capital each season purchasing equipment, yet they are often overlooked by banks. TerraMagna uses satellite imaging and data sources to underwrite six to 12-month loans for SMEs in Brazil, thus providing them with reliable long-term funding.
“TerraMagna is leveraging a novel technology that is using satellite images that only became available recently for underwriting algorithms and collection strategy,” said Bruno Yoshimura, co-founder of ONEVC. “With this technology, TerraMagna can provide safe loans for agriculture, reduce cost of capital, and increase the agricultural loan market.”
Bernardo Fabiani founded the startup in 2017 and has since raised $2.7M in funding. The new funding round will enable TerraMagna to expand its operations and products, specifically machinery and irrigation financing.
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