Kenya-based agri startup Shamba Pride secures $3.7 million investment

  • The EDFI AgriFI and Seedstars Africa Ventures have announced a pre-series A investment of $3.7 million in Shamba Pride.
  • Shamba Pride provides affordable agricultural inputs, services, and information to smallholders in rural areas.
  • EDFI Agrifi will provide a long term loan of $2 million, while Seedstars Africa Ventures has committed $1.7 million in equity.

It is a significant week for Kenyan agritech startup Shamba Pride as it has received a sizeable $3.7 million investment via the EU Agriculture Financing Initiative (EDFI AgriFI) and Seedstars Africa Ventures.

The pair announced a strategic pre-series A investment, with EDFI AgriFI providing a long term loan of $2 million to foster sustainable development and economic growth in developing countries, while Seedstars Africa Ventures committed an additional $1.7 million in equity to the Kenyan startup.

For those unfamiliar with Shamba Pride, it specialises in offering quality and affordable agricultural inputs, services, and information to smallholders in rural areas.

The Shamba Pride team.

“Known for its innovative approach, the company has built a platform empowering last-mile agro-dealer shops, or agrovets, with digital services, namely enabling easy online ordering and purchase with weekly doorstep delivery of supplies, reducing out of stock situations. This model not only allows the creation of new jobs, but it also provides access to agricultural inputs for smallholder farmers in remote rural areas at more affordable prices,” highlights a press release shared with Hypertext.

“EDFI AgriFI joined this growth journey through an investment that propels Shamba Pride towards its vision of positively impacting the lives of some 200,000 farmers by the end of 2025. The company has already grown its outreach by 10x since 2021 to reach over 220 shops, and the additional equity investment from Seedstars Africa Ventures alongside a trusted institutional financial institution is a significant milestone for the company to become a regional champion and a trusted brand for the industry,” added Shamba Pride CEO, Samuel Munguti.

As for what this investment will mean in terms of Shamba Pride’s capabilities moving forward, it is aimed at supporting the expansion of current activities in Kenya and the development additional services.

The financing will also enable the company to establish and develop a franchise network that will benefit from additional working capital to source agricultural inputs in bulk, which in turn will increase the startup’s impact in rural areas. 

“We’re excited to support a locally grown and innovative digital initiative that is revolutionizing the agri input ecosystem in rural areas, with significant benefits for both agrovets and farmers,” noted Robin Boereboom, AgriFI senior investment officer, of this week’s announcement.

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