Agritech startup iFarmer raises $2.1 million
iFarmer, a full-stack agriculture platform providing agri-based services to farmers, has recently raised $2.1 million (more than BDT 18 Crore) in a new financing round, maintaining its accelerated growth.
IDLC Venture Capital Fund, the VC arm of IDLC Finance, one of the largest non-banking financial institutions in Bangladesh, led the financing round. Millville Opportunities, a hedge fund firm based in New York, participated in the round. Startup Bangladesh Limited, the flagship venture capital fund of the ICT Ministry under the Bangladesh Government, also participated in the financing round.
Bangladesh has about 16.5m farmers, and almost 80% are smallholders. The biggest challenges for farmers in Bangladesh are securing finance and good quality Agricultural inputs such as seeds,...