The ‘Amazon of Ag’ $nags Cash
The self-proclaimed “leading agribusiness online market in Latin America,” Agrofy, just secured $30M in Series C funding.
The Amazon for ag? Pretty close. The online marketplace sells more than 150,000 products (from 17 different categories) for farmers in nine countries. It also provides financial services.
Serving up sales since founders Maximiliano Landrien and Alejandro Larosa started Agrofy in 2016, the duo will use this funding to strengthen its core business areas:
- E-commerce platform that connects farmers with agricultural products
- Agrofy Pay e-wallet and Agrofy Credits, all included in its farmer fintech suite
- Expansion of Brazilian operations and its launch of Agrofy Pay in 2022
Why the hype? While Agrofy is in an extremely competitive space, the opportunities are limitless. Thanks to its technology and its partnership with top agri-retailers, Agrofy gives farmers the opportunity to digitize their sales—so working with Agrofy makes a lot of cents.
Soundbite: “One of the things we like most about Agrofy is their potential for future expansion,” says Erkki Aaltonen, managing director of Yara Growth Ventures, which led this funding round (YGV is the VC arm of Norwegian agrochemicals giant Yara International).