FarmShine Kenya Blockchain Startup Raises $250k

To make this possible, the agritech startup has raised $250,000 from US-based impact investor  GMC coLABS. coLABS is an early-stage, investment portfolio of impact investor company Gray Matters Capital.

Speaking to the press, Jennifer Soltis, portfolio manager at coLABS explained the reason for the investment. 

“Farmshine’s platform enables women, who constitute 70 percent of its farmers, to receive significantly higher incomes by providing access to completely transparent pricing information before they plant, as well as the freedom to select the buyer they would like to supply to,” she said.

In addition to growing more crops and receiving higher prices, women will receive an economic identity and trade history. Farmshine’s app records quantity, quality and timeliness of each harvest sold, as well as loan repayments, training received, and other indications of a successful, reliable farmer. Based on this, women will be able to apply for small loans, purchase inputs on credit and access more profitable growing opportunities with the entire agricultural ecosystem in Kenya and beyond.

FamShine is an excellent example of how blockchain technology can be applied in creating agriculture technology. With these funds, FarmShine is set to expand its offering to more partners.

This will include working with non-profit organizations and providing supermarkets with derivative products for its customers.

The post FarmShine Kenya Blockchain Startup Raises $250k appeared first on BlockNewsAfrica.

source: https://blocknewsafrica.com/farmshine-kenya-blockchain-startup-raises-250k/

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