Turkish agriculture fintech start-up Tarfin has raised $5 million in a Series A round, the company said in a statement on September 21.
The investments were led by Quona Capital, and included Elevator Ventures, Syngenta Ventures, the Collective Spark Fund, and Wamda Capital.
Lead investor Quona Capital said Tarfin has "global applicability" by helping farmers. Elevator Ventures said it sees a "large market potential in other countries for Tarfin's financing solution" by embedding the loan process into farmers' production cycles.
Founded by Mehmet Memecan, Tarfin previously raised $1.3 million in a seed round in 2018 led by Turkey-based Collective Spark Fund.
The Istanbul-based company works with retail stores to provide farmers with credit terms to buy the inputs they need.
It says that since its founding in 2017, it has helped over 12,000 farmers buy inputs such as fertiliser, seeds, and chemicals. The farmers get extended payment terms.
Tarfin will use the new funds to further invest in its data analytics and mobile technology to reach more farmers in Turkey and nearby geographies, it said.
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