Kenyan agri-tech startup Tulaa, which allows smallholder farmers to access inputs, credit and markets, has raised a $627,000 seed round to fund its continued expansion in the East African country and further develop its platform.
Founded in July 2017, Tulaa has developed a mobile money solution that allows smallholder farmers to lay-away and borrow money to purchase inputs. Its virtual marketplace brings together suppliers, financial institutions and farmers.
The oversubscribed $627,000 funding round is led by AHL Venture Partners, and also includes investment by Global Partnerships/Eleos Social Venture Fund, Beyond Capital and Rafiki Ventures.
"We are thrilled to have this group of investors on board," said Hillary Miller-Wise, founder and chief executive officer (CEO) of Tulaa. "The consortium brings not only capital, but also a terrific mix of experience and knowledge globally as well as in the Kenyan market. Combined with the team of committed and passionate people who we have been fortunate to attract, the added experience of the investors positions us extremely well for growth."
Ben Peterson, senior partner at AHL, said his firm believed Tulaa had the team and the product to achieve great results. "Tulaa’s end-to-end platform will improve crop yields while driving improved sales for smallholder farmers and delivering impressive returns to investors."
The startup will now invest in further expansion in Kenya, and further develop its platform, which uses mobile technology and artificial intelligence to enable farmers to purchase inputs on credit and to market their crops efficiently at harvest time.