Local agritech startup Nile has been making waves ever since launching in early 2021 and now the company has secured $5.1 million (~R83 million) in an equity round led by the Naspers Foundry.
For those unfamiliar with what this agritech startup does, Nile is a B2B ecommerce platform that looks to connect farmers with buyers of fresh produce across the SADC region.
It has been able to do so quite effectively too, having recently grabbed headlines for trading more than 10 million kilograms of produce in South Africa. That figure has since grown to 30 million kilograms, which have been traded on the Nile platform, with buyers originating from five countries and 35 towns/cities across the country.
As for this recent equity round, Naspers Foundry notes that it is its 10th investment in local tech-focused startups. It also views the funding as one of the more important ones it has done in recent years, given the state of food security both in SA and across the African continent.
“The importance of food security cannot be overstated, and a platform like Nile provides a positive contribution towards helping to sustain it. According to the World Bank, Africa’s food system has huge potential to create more and better jobs. More inclusive value chains that link farmers and other stakeholders can help realise this potential. Our investment in Nile is a great example of how technology can support communities and improve economic opportunity,” highlights Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers.
Nile is also quite pleased with the equity round, with it being used a springboard to expand operations outside the SADC region and into the rest of Africa.
“We are delighted to have Naspers Foundry support our mission to make fresh produce more accessible to people across the African continent. While we were able to bootstrap Nile through our initial growth phase, we look forward to having the backing of an internationally respected investor and experienced operator like Naspers as we scale our cross-border operations to the rest of Africa,” noted Louis de Kock, co-founder and CEO of Nile, regarding the equity round.
