- The deal marks the third Falcon Network investment in Bangladesh in 2020
- Falcon Network increases conviction to invest in promising early-stage businesses with the ability to generate significant social impact
DUBAI—Falcon Network, a Dubai-based investor in early-stage mission-driven businesses, has closed a six-figure investment into iFarmer, an agritech platform that connects farmers with retail investors in Bangladesh.
Established in 2018, iFarmer is enabling individuals and institutions in Bangladesh to sponsor farmers and easily fund farming and agriculture activities. iFarmer is currently targeting the 20m+ farming households in Bangladesh that are largely unbanked and rely on informal channels for finance. iFarmer has to date facilitated $3million in farm and agriculture input financing and impacted the lives of six thousand farmers. The company is backed by Singapore-based Accelerating Asia Ventures and supported by UNCDF Fintech Innovation Fund and Startup Bangladesh IDEA Project.
The deal marks Falcon Network’s third investment in Bangladesh in 2020, having closed investments in Truck Lagbe, Bangladesh's leading shipping and freight booking and logistics platform, and Jatri, an intracity public transport ticketing and tracking business, in H1 of 2020. The deal takes Falcon Network total invested capital to over USD 2.5 million across its focus geographies.
Zohaib Patel, Partner, Falcon Network, said: “As we mark our third investment into Bangladesh, Falcon Network is excited to support the fundamental transformations that digital and financial enablement will make on the lives of millions of farmers in Bangladesh and beyond. We look forward to supporting the highly competent and committed team at iFarmer with our strategic and financial advisory and networks around the broader region as they look to grow beyond Bangladesh.”
“We are super excited to be associated with Falcon Network,” added Fahad Ifaz, Co-Founder and CEO, iFarmer. “In addition to the funding, the Falcon Network team bring wide-ranging expertise in financial services and technology across emerging markets that will enable iFarmer to develop new services and accelerate our growth. We are grateful to all our investors for believing in our vision to democratise the agriculture financing and supply chain by harnessing technology and a data driven approach.”
About Falcon Network
Falcon Network is a Dubai-based angel investment network focused on mission-driven entrepreneurs and businesses in high-growth markets. Falcon Network’s members include high-net-worth individuals from across Asia who are committed to investing in the potential of their constituent markets. Since its inception in 2018, Falcon Network has invested over USD 2.5million in technology-enabled ventures that are disrupting critical sectors in their domestic economies, such as education, healthcare, transportation, financial services, and agriculture, amongst others.
About iFarmer
iFarmer is a technology company that enables small-scale farmers and Agri Businesses to maximize their profit. iFarmer enables individuals and institutions to fund the capital requirement of the farmers. iFarmer then bundles finance with agriculture inputs, advisory services, insurance and market access for the farmers. The company use a tech enabled and data-driven model to assess risk and return to develop funding schemes that fit the needs of smallholder farmers and the farm funders. The company started operations in 2018 and till date has impacted the lives of more than 5000 smallholder farmers in Bangladesh.
For further details please contact:
Cindy Langer
cindy@falconnetwork.org
© Press Release 2020
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