Farmer Connect, a Geneva-based startup aiming to increase transparency in the supply chain of coffee has secured $9 million in its series A round. Led by Japan’s ITOCHU Corporation the funds will allow the startup to scale the business and develop new solutions.
Farmer Connect leverages the power of data and blockchain technology, powered by IBM, to build solutions that increase transparency, efficiency, and traceability in the supply chain field by connecting consumers with producers in the coffee market. While the Farmer Connect Platform allows for the safe storage and sharing of business data and more, the Farmer ID, a Self-Sovereign Identity (SSI) solution at the core enables producers to safely store and manage digital versions of identification documents, transaction receipts or (agricultural) certifications in one place. The complementary Community Builder allows field teams to register and manage producers, as well as initiate transactions that are automatically synchronised with the Farmer Connect Platform.
For consumers, the company offers the app “Thank My Farmer” while enables them to scan a QR code on the pack of finished good to access the story behind the product. The app also allows them to donate to sustainability projects being led in various coffee-producing communities.
According to the company, it had a fruitful 2020 market by the growth of its client base and industry partnerships. To support this growth and its vision of humanising consumption through technology, it has raised US$9 million in its series A round led by Itochu Corporation, a Japanese based company and one of the world’s largest materials trading companies. Private investors in the Americas and Farmer Connect founding partner, the Switzerland-based green coffee trading company Sucafina also participated in the round.
In its public statement, the company revealed how it will invest the funds: “With this money, we can capitalise on the demand for sustainable, inclusive and efficient agriculture supply chains that benefit everyone, from farmers to consumers. We will do this by continuing to develop new products and services specifically in ESG and SDG tracking. We can also fast track our plans to recruit specialists in sectors that impact smallholder farmers, such as coffee, cocoa, tea, spices and fragrances. We will now start building new teams across the world in places like Geneva, New York City, Singapore and Brazil.”
(Press release/RAN)
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