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5 million Euro Series A for Turkish Tarfin with the participation of Elevator Ventures
Tarfin, an Istanbul-based supplier of agricultural supplies to farmers with new payment terms, has closed $ 5 million Series A investment. Raiffeisen Bank International's venture capital company, Elevator Ventures, is participating in this round, which is led by the global fintech fund Quona Capital, along with Syngenta Ventures, the venture capital fund of Syngenta, a manufacturer of agricultural supplies, and the seed investors Collective Spark Fund and Wamda by Tarfin.
What Tarfin will use the investment for
Tarfin will use the new funds to further invest in its data analytics and mobile technology to reach more farmers in Turkey and the surrounding regions.
The background: Farmers in many emerging markets have difficulties accessing agricultural inputs due to working capital constraints. With its proprietary risk assessment models and extensive retail network, Tarfin provides farmers with access to farm supplies with extended payment terms.
Tarfin's mobile application offers farmers a solution that allows them to compare prices at Tarfin's retail locations and instantly complete their purchases using their preferred financing method. Since its inception, Tarfin has helped over 12,000 farmers buy their fertilizers, seeds and chemicals during the season and pay for them after the harvest.
Corona shows the role of agriculture
“The pandemic has once again shown the importance of agriculture. We have always made it our mission to support the continuity of food production with new technology-based solutions, "said Mehmet Memecan, the founder and CEO of Tarfin:" We are delighted to have the support of world-class investors who are driving our growth. "
Maximilian Schausberger, Managing Director of Elevator Ventures, said: “We were impressed with how easily farmers can access finance through Tarfin. We see great market potential in other countries for the seamless integration of the Tarfin financing process into the farmers' production cycle ”.
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