Agrolend, a Brazil-based financial institution focused on serving farmers, has raised $27m in Series B funding.
According to a report from FinSMEs, the round was led by Lightrock, with participation also from Valor Capital, Continental Grain Company, SP Ventures, Provence Capital, Barn Invest, Yara Growth Ventures and Mago Capital.
Led by CEO Andre Glezer, Agrolend is on a mission to revolutionise the agribusiness market for small and medium-sized rural producers in Brazil.
The company aims to do this through the granting of sustainable credit, necessary to finance the development of agricultural productions and encourage investment in equipment and technology, which increase their productivity and profitability.
Agrolend operates through partnerships with industries and distributors of ag inputs, equipment, and farm implements, and also works with agtechs in the financing of technology.
Through an electronic platform, farmers have access to credit, and operations are originated and formalised in a digital environment and can be access through a smartphone.
Agrolend is present in more than 10 Brazilian states and in several segments such as soybeans, corn, coffee, sugar cane, fruits, livestock and dairy cattle.
This funding will enable the company to target an increase in its loan book for the 2023/24 crop season, through extending its services to a client base of up to 10,000 small-to-medium sized farmers across Brazil.
Research from FinTech Global recently revealed deal activity in Latin America has dropped for the third quarter in a row, with Q3 2022 having a total of 53 deals, a 29% reduction from the previous quarter. Brazil was the most active country in the region accounting for 28 deals, a 52% share of total deals. Mexico was second with a 26% share of total deals and Colombia was third with 11%.
Recently, Ali, a FinTech that partners with companies to offer financial health solutions for employees, raised $25m in Series A funding. Founded in 2018, Ali is on a mission to effectively reduce the indebtedness of Brazilians by offering them fair credit. The FinTech personalises credit solutions and facilitates the bureaucratic process to help Brazilians achieve financial health.
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