iFarmer closes six-figure investment from Falcon Network and Accelerating Asia Ventures to transform farmer livelihoods in Bangladesh

DHAKA— iFarmer, an agritech platform that connects farmers with investors in Bangladesh, has today announced the closing of a six-figure investment from Falcon Network, a Dubai-based investor in early-stage mission-driven businesses, and Accelerating Asia, an early-stage venture capital fund with a focus on pre-Series A startups in Southeast and South Asia.

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. iFarmer is a graduate of the award-winning Singapore-based accelerator, Accelerating Asia, and is supported by UNCDF Fintech Innovation Fund and Startup Bangladesh IDEA Project.

“We are super excited to be associated with Falcon Network and Accelerating Asia,” said Fahad Ifaz, Co-Founder and CEO, iFarmer. “In addition to the funding, our investors 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 Falcon Network and Accelerating Asia for believing in our vision to democratise the agriculture financing and supply chain by harnessing technology and a data driven approach.”

The deal marks Falcon Network’s third investment in Bangladesh in 2020 and takes Falcon Network’s total invested capital to over USD 2.5 million across its focus geographies. Zohaib Patel, Partner, Falcon Network, added: “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.”

For Accelerating Asia, as one of the first international venture capital funds to invest in Bangladesh, the additional commitment into iFarmer is a continuation of the ongoing support and investment into the region. As an accelerator VC, startups in the portfolio continue to gain traction and raise investment, with over US$17M raised to date. iFarmer is no exception, as they go from strength to strength. 

Craig Dixon, Co-Founder of Accelerating Asia, said: “The iFarmer team has the perfect skill sets and background to execute on their model, creating enormous value for both their farmers and their investors.  During our 100-day accelerator program, iFarmer stood out in its execution and efficient resource allocation.  iFarmer is a great example of an exceptional business model that also adds tremendous positive impact, a great fit with the modus operandi of Accelerating Asia." 

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.

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 Accelerating Asia

Accelerating Asia is an accelerator VC that runs programs for early-stage startups and investors. Licensed by the Monetary Authority of Singapore, Accelerating Asia's early-stage VC fund focuses on pre-Series A startups with untapped potential that are 6-18 months away from institutional funding. Accelerating Asia invests up to S$200,000 in pre-Series A startups, and the current portfolio covers over ten countries in Southeast and South Asia. With most angel investors and startup programs in the region focused on ideation-minimum viable product stage startups, and venture funds focused on solid product-market fit, startups with a robust product at early stages of customer traction are often overlooked. That's where Accelerating Asia comes in. Our accelerator and venture capital model is designed to support pre-Series A startups to fast track growth and drive success, unlocking the potential in them. At the core of the work we do is the guiding belief that entrepreneurs are one of humanity's greatest catalysts for positive change. Currently, Accelerating Asia Cohort 4 is open for applications up till January 6, 2021.

For further details please contact:
For iFarmer
Fahad Ifaz at fahad@ifarmer.asia

For Falcon Network
Zohaib Patel at info@falconnetwork.org

For Accelerating Asia
Rohana Wood at rohana@acceleratingasia.com 

© Press Release 2020