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AgriCapital has for six years served as a bridge to formal financing for Colombia’s nearly three million farmers, nearly half of whom live in poverty. The company leans on alternative sources of data and digital underwriting to meet the needs of the country’s growers for financing to acquire equipment and inputs.
Acumen’s Latin America-focused fund, ALIVE Ventures, led the equity portion of AgriCapital’s $7.4 million mixed debt and equity round. Bancolombia and COMFAMA also invested. IDB LAB, Alphamundi and Bancolombia were among the company’s debt providers.
Products and reach
More than 80% of AgriCapital’s customers are smallholder farmers, and 17% are independent workers. A quarter of its borrowers are women and nearly half are first-time financial services users.
AgriCapital offers lines of credit of up to $1,500 for crop inputs and machinery through a network of agri-supply shops. AgriCapital also has a credit offering specifically for female borrowers. Borrowers pay 2.4% to 3.1% monthly for one to three-year terms.
