AgriFood Trading Startup Raises $28M to Connect Farmers to Global Buyers
Farmsource, an agricultural commodity trading platform connecting smallholder farmers in East Africa directly with international buyers, has raised $28 million in Series A funding.
Farmsource, an agricultural commodity trading platform connecting smallholder farmers in East Africa directly with international food and ingredient buyers, has raised $28 million in Series A funding led by Acumen Resilient Agriculture Fund, with participation from the IFC, Norfund, and FMO. The platform operates in Kenya, Tanzania, Uganda, and Rwanda, aggregating produce from a network of 24,000 smallholder farmers and facilitating direct sales to European, Middle Eastern, and Asian buyers, eliminating multiple layers of traditional intermediation. Founded in 2020 by former McKinsey consultant Amara Diallo and agricultural engineer James Kariuki, Farmsource has processed $47 million in transactions to date and reports farmer income increases averaging 35% relative to local market alternatives. The Series A will fund expansion into Ethiopia and Nigeria and the development of embedded financial services for farmers including input financing and crop insurance products.
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