Logo of Phnom Penh Post newspaper Phnom Penh Post - Agribuddy nets $730K in funding

Agribuddy nets $730K in funding

Agribuddy nets $730K in funding

Agribuddy a Siem Reap-based “agritech” startup, has secured $730,000 in venture capital funding to further develop the company’s rural application potential and boost commercial viability, a company executive said yesterday.

The Japanese-owned startup, which launched in 2015, gathered investment interest primarily from Tokyo’s iSGS Investment Works Inc and several other individual investors from Singapore.

Brandon Ross, COO of Agribuddy, said the investment will help broaden the reach of an app that already has 14,884 registered users with a total of 190,000 hectares of land in Cambodia and neighbouring countries, and a collective farm income of $125 million.

“The new funds will allow Agribuddy to expand the number of farmers we work with as well as invest more into farm inputs and crop trading so that farmers can expand the number of buyers they can reach,” he said.

The Android-based platform uses a hybrid online and offline system that generates real-time data that examine income and expense pattern of farmers. It has also developed an algorithm that creates credit reports of individual farmers that can be used by financial institutions to calculate risk.

The financial technology solution signed agreements with Acleda Bank and Sathapana Bank last year, and is currently working with the Japan International Cooperation Agency (JICA), according to Ross.

He added that by helping to free up financial flows, the application is working to close the massive gap between prudent lending and farmer demand.

“Cambodia already has low yields and the changes in weather patterns have already made this problem worse,” he said. “For farmers to compete they need to bring up their yields, which requires not just investment, but also knowing when to plant the crop at the right place and the right time dependent on the market.”

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there