Stable Foods, a Kenyan startup, has raised US$600,000 to develop its climate-smart smallholder food production system.
Acumen Resilient Agriculture Fund (ARAF) and Mercy Corps Ventures participated in the funding round.
Stable Foods, a portfolio startup of Pyramidia Ventures, an agrifood-tech venture studio, has created an all-in-one system that incorporates Irrigation-as-a-service (IaaS), inputs, offtake contracts, and training in regenerative agriculture.
Pyramidia Ventures founder and managing partner Ruth Bertens said, “We are happy with this round of funding in our very first initiative coming out of the studio. The missions of ARAF and Mercy Corps Ventures are perfectly aligned, and we are so pleased with the entire Stable Foods team for securing such excellent partners.
According to Tamer El Raghy, general director of ARAF, “Stable Foods is another fantastic addition to ARAF’s portfolio firms where we invest in new business models that assist smallholder farmers to adapt to climate change.” It is impossible to stress how negatively climate change is affecting rain patterns, and we think Stable Foods’ Irrigation-as-a-Service solution is a game-changer for the industry.
Stable Foods intends to use the new capital to expand its proof of concept to 500 farms by the year 2023.