Tulaa - a credit platform for smallholder farmers - has announced that it recently closed a seed round of $627,000.
"Tulaa, a platform for smallholder farmers to access inputs, credit and markets in Kenya, announced today [24/07/2018] a seed round of investment of $627,000 led by AHL Venture Partners," wrote Tulaa.
The round, which Tulaa says "was oversubscribed", had three other participants.
"The round, which was oversubscribed, also includes investment by Global Partnerships/Eleos Social Venture Fund, Beyond Capital, and Rafiki Ventures."
This is the very first external round of funding the startup - which spun off Esoko last year - is raising. The startup says this will go towards expansion as well as continued product development.
"The financing will be used to fund Tulaa’s continued expansion in Kenya and for further development of Tulaa’s technology platform," Tulaa wrote.
The startup's product helps smallholder farmers increase yields, sales and gain access credit.
"Tulaa’s end-to-end platform will improve crop yields while driving improved sales for smallholder farmers and delivering impressive returns to investors,” said Ben Peterson, Senior Partner at AHL.
Commenting on the round - through the press release - Hillary Miller-Wise, the startup's founder, and CEO, said;
"The consortium brings not only capital but also a terrific mix of experience and knowledge globally as well as in the Kenyan market."
AHL Ventures Partners has made a couple of bets on impact-based ventures across the continent. With Tulaa being its latest. The fund has operations in at least 20 African countries.
Their portfolio includes startups across agriculture, fintech, human capital, energy and more. Some of their prominent bets include Zoona, Rent to Own, Twiga Foods and Esoko.