South African agri-tech startup Nile has raised ZAR200 million (US$11.3 million) in funding to accelerate its growth across Southern Africa.
Founded in 2021 by Louis de Kock, Eugene Roodt and Rick Kleynhans, Nile provides farmers with digital solutions that can address various pain points inherent to food trading – including price transparency, quality verification, speed of payments, the traceability of the produce and food waste.
The startup raised a US$5.1 million funding round back in 2022, and has now followed that up with a ZAR200 million (US$11.3 million) round, led by the Cathay AfricInvest Innovation Fund, with co-investment from FMO, the Dutch entrepreneurial development bank. Existing investor Platform Investment Partners also participated in the funding round.
The new funding will accelerate Nile’s growth across Southern Africa by expanding its agricultural inputs marketplace and launching innovative financing solutions in partnership with leading banks – enhancing farmer access to markets, tools, and capital.
“We have been surprised by how quickly farmers have embraced our digital way of trading. Having built critical mass, we now have the unique opportunity to use the new funding to build a comprehensive digital ecosystem that provides significantly more value and reduces the risks to farmers,” said de Kock.
Henry Rahmann, investment officer at AfricInvest, said his company firmly believed Nile was transforming fresh produce trading in South Africa, empowering farmers by addressing their full range of needs – from inputs and trading to financing.
“We’re proud to back Nile’s exceptional team, alongside FMO, as they build an agri-tech champion, uplifting farming communities across South Africa and beyond,” he said.
