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

  • Body of woman killed in Bangkok returns

    The Cambodian embassy in Thailand is working to repatriate the body of a casino dealer who was shot dead in Bangkok on Monday night. Ministry of Foreign Affairs and International Cooperation spokesman Kuy Kuong told The Post on Wednesday that officials are preparing paperwork to

  • Chikungunya hits 15 provinces, says gov’t

    Ministry of Health spokeswoman Or Vandine said on Thursday that the chikungunya outbreak in the Kingdom has spread to 15 provinces. Some 1,700 people are now suspected to have the disease. Vandine urged people to prevent its further spread by eliminating shelters for the Aedes aegypti mosquitoes

  • Gov’t exempts visa A and B holders from Covid fees

    Airline passengers who are diplomats and officials of international organisations holding Type A and B visas for travel to Cambodia are exempted from paying Covid-19 testing fees, said the Ministry of Health in its latest adjustment of rules on Wednesday. Health Minister Mam Bun Heng

  • Bill covering dress code draws ire

    Ministry of Interior secretary of state Ouk Kim Lek responded on Tuesday to criticism concerning a draft law that would ban women from wearing overly revealing clothing, saying that input from all parties will be considered as the law moves through the promulgation process. Several

  • What’s the deal with Cambodia and China’s FTA?

    Cambodia’s Free Trade Agreement (FTA) with China kicks off a series of FTAs in future but for now, critics wonder what else the parties could bring to the table apart from what it already has to date By the end of this year, Cambodia

  • Cambodia, Vietnam exchange border maps amid criticism

    Cambodia and Vietnam formally exchanged border maps on Monday despite criticism from former members of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) that the Kingdom is losing land in the deal. The two countries said agreement on the border is 84 per cent complete, leaving