Sep 27, 2017
Factor[e] Ventures and Crofarm Announces Partnership!
Factor[e] Ventures is excited to announce our first Indian investment with agriculture technology firm, Crofarm.
According to data published by Ministry of Food Processing Industries, India’s annual agricultural losses exceed $14 billion, presenting a huge opportunity for intervention. Crofarm has created a model to address this nationwide problem with of a combination of smart logistics and a sophisticated technology platform that allows reduction of post-harvest losses by 30%, while maintaining fairness of price for both farmers and retailers. Through Crofarm’s app-based technology, farmers and retailers can connect directly, determine price, and ultimately exchange food.
Crofarm’s asset-light business model lends itself to scalability nationwide, providing the potential to disrupt and improve supply chain, reduce post-harvest loss, and protect and promote farmer’s income.
Factor[e]’s global presence, portfolio companies in 5 continents, and deep technical and business experience in the agri-tech sector, uniquely positions the team to help Crofarm make the agri-supply chain even more efficient and bring down post-harvest losses further. “Factor[e] is excited to support this dynamic team in their mission to efficiently link farmers and markets. We believe Crofarm’s innovative approach will yield significant social and environmental impacts by reducing post-harvest losses while improving farmer incomes,” Dr. Morgan DeFoort, managing principal of Factor[e]’s global team.
Together, Crofarm and Factor[e] will work together to accelerate the accessibility and use of the Crofram system in India among farmers and retailers alike to facilitate the sourcing of food where it is needed to reduce waste and safeguard farmer’s livelihood. The partnership seeks to scale Crofarm across India, further reducing the need for cold-chain and reach rural farmers.
We are thrilled for this partnership and can’t wait to see this technology scale-up in the coming months. Click here to learn more about Crofarm and stay tuned to Factor[e]’s Field Notes for updates as this partnership progresses.