Ghanaian agrictech startup, Farmerline has secured $1.5 million in equity capital led by the Dutch impact investor, Oikocredit. This is coming as an update for the startup's second round of pre-series A round.

This update brings the total capital of Farmerline to $14.4 million with $6.4 representing debt financing.

This update is also coming on the heels of the announcement of an expansion of the startup to the Ivory Coast, adding to its operations in Ghana with further plans of expansion throughout West Africa.

The startup was founded by Alloysius Attah and Emmanuel Owusu Addai in 2013. Farmerline makes it easier for farmers to have access to quality supplies like fertilizer and seeds. Agro-dealers are typically the first resource for farmers.

Using Mergdata, a proprietary AI technology platform for supply chain intelligence, stakeholders have the opportunity to digitize farmers' experiences and also to serve and produce the data used to predict demands for supplies while trying not to run out of stocks.

The amount of business expansion credit to be given to agro-dealers and farmers alike is also decided using those data.

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Oikocredit and Famerline’s first-round financiers will help Attah maintain its distribution, logistics, and financing services not just in Ghana but also in other countries like Ivory Coast, where it has just started the procedure of growing its team.

Attah mentioned in a previous interview that Farmerline is extending its physical infrastructure, such as warehouses and distribution networks, to create a marketplace that enables the quicker transportation of products to and from remote regions.

The logistics network also helps farmers avoid post-harvest losses and waste while gaining fast access to markets for higher profits.

Through the use of AI technology and regional infrastructure, Farmerline said it intends to improve its supply chain for agribusinesses in order to lower farming costs and boost output for farmers across the continent.

Through franchise store relationships with agribusinesses and input dealers, Farmerline claimed to have so far financed roughly $18 million in inputs and crops.

The business wants to connect with 300,000 farmers by 2022, up from 8,000 in 2019 and 36,000 in 2020. This is a growth of almost 400% from the previous year.