Tarfin raises $5M Series A funding round
Istanbul-based Tarfin, the provider of agricultural inputs to farmers with extended payment terms, has successfully raised its $5M Series A investment round. Led by Quona Capital, other backers include Elevator Ventures, Syngenta Ventures, and Tarfin's seed investors Collective Spark Fund and Wamda.
Tarfin's previous funding insights:
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• With its proprietary risk scoring models and extensive retail network, Tarfin provides farmers with access to high-quality agricultural inputs with extended payment terms
• Tarfin’s mobile application is a one-stop solution for farmers to compare prices across Tarfin’s many retail locations and complete their purchases with their preferred financing method instantly. Tarfin has helped over 12,000 farmers conveniently purchase their fertilizers, seeds, chemicals in-season, and pay after harvest.
• Tarfin will use the new funds to further invest in its data analytics and mobile technology with the aim of reaching more farmers in Turkey and nearby geographies.
Founder and CEO, Mehmet Memecan said, “The pandemic has once again revealed the importance of agriculture. We have always made it a mission to support the continuity of food production with new tech-based solutions. We are happy to receive the backing of world-class investors to fuel our growth."
Read the full press release below
Tarfin, the Istanbul-based provider of agricultural inputs to farmers with extended payment terms, completed its $5M Series A investment round. Led by Quona Capital, a venture firm focused on fintech in emerging markets, other backers include Elevator Ventures (the venture capital firm of Raiffeisen Bank), Syngenta Ventures (the venture capital fund of Syngenta Group), and Tarfin's seed investors Collective Spark Fund and Wamda.
Farmers in many emerging markets experience difficulty accessing agricultural inputs due to working capital constraints. With its proprietary risk scoring models and extensive retail network, Tarfin provides farmers with access to high-quality agricultural inputs with extended payment terms. Tarfin’s mobile application is a one-stop solution for farmers to compare prices across Tarfin’s many retail locations and complete their purchases with their preferred financing method instantly. Since its founding, Tarfin has helped over 12,000 farmers conveniently purchase their fertilizers, seeds, chemicals in-season, and pay after harvest.
“The pandemic has once again revealed the importance of agriculture. We have always made it a mission to support the continuity of food production with new tech-based solutions," Mehmet Memecan, the founder and CEO of Tarfin, said. “We are happy to receive the backing of world-class investors to fuel our growth."
"Mehmet and his team have built an incredible business in Turkey, which has global applicability, helping farmers with the tools they need to thrive,” said Quona Capital partner Johan Bosini. “Turkey is the seventh-largest agricultural producer globally, and the impact of supporting independent farmers is significant. At Quona we are really excited to be part of the journey with this strong team.”
Maximilian Schausberger, managing director at Elevator Ventures, said, "We were impressed by how easily farmers can access financing through Tarfin. We see large market potential in other countries for Tarfin's financing solution embedding the loan process smoothly into farmers' producing cycle."
Tarfin will use the new funds to further invest in its data analytics and mobile technology with the aim of reaching more farmers in Turkey and nearby geographies.
August 2020 saw a 48% drop in the number of deals, while total funding on the other hand increased by 93% when compared to the same month last year. Discover more trends and insights in our August 2020 Dashboard.