Senegalese agritech startup Afrikamart has announced the completion of an $850,000 seed round of financing from reputable venture capital firms, including the BLOC Smart Africa fund managed by Bamboo Capital Partners, Orange Digital Ventures, Launch Africa, and Teranga Capital.
Afrikamart, an agritech distribution platform for fresh produce, was founded in 2018 by Albert and Mignane Diouf. It serves as a digital marketplace for consumers who are retailers and restaurant customers.
Up to 10 tons of fresh food have been delivered every day to 500 regular customers in 4 Senegalese cities by roughly 2,000 farmers who have so far supplied fresh fruit to Afrikamart.
By the end of the year, the company hopes to have signed up 5,000 farmers and 2,000 shops.
The startup intends to increase efficiency, improve market transparency and consumer confidence, expand the variety and caliber of locally grown produce available to consumers, do away with intermediaries’ late payments, lessen waste and establish itself as the preferred buyer and seller for both producers and retailers.
According to Afrikamart, the additional funding will enable the business to increase its purchases from smallholder farmers across the nation and effectively manage the logistics and last-mile delivery of 14 fresh vegetable varieties to street vendors, small retailers, restaurants, and hotels in Dakar and Mbour.