SA Agritech Start-Up Nile Details Expansion Plans Following An Investment From Naspers Foundry
SA Agritech Start-Up Nile Details Expansion Plans Following An Investment From Naspers Foundry. South African Agritech startup Nile detailed is expansion and growth plans following Naspers Foundry’s investment of R83 million ($5.1 million).
The company said on its LinkedIn profile, “We are excited to share that the continent’s leading tech investor, Naspers, is joining our mission to make fresh produce more accessible to people across Africa. Platform Investment Partners, Raba Capital and Base Capital also subscribed to our funding round, which will enable Nile to grow to new markets.” The transaction marks Naspers Foundry’s tenth investment since its launch in 2019 and forms part of Naspers’s R1.4 billion commitment to grow South Africa’s tech ecosystem.
Louis de Kock, Co-founder and CEO of Nile, said: “We are delighted to have Naspers Foundry support our mission to make fresh produce more accessible to people across the African continent. While we were able to bootstrap Nile through our initial growth phase, we look forward to having the backing of an internationally respected investor and experienced operator like Naspers as we scale our cross-border operations to the rest of Africa.”
Nile was founded in 2020 to provide farmers with digital solutions that can address various pain points inherent to food trading – including price transparency, quality verification, speed of payments, the traceability of the produce and food waste.Nile’s end-to-end process connects farmers to commercial retailers of fresh produce both in South Africa and across the continent. The B2B platform facilitates transactions and safeguards payments on behalf of farmers, resulting in increased transparency and improved cash flow.
Nile leverages data and a complex logistical network allowing farmers to reach better-yielding markets, not just those geographically closest to them. Fresh produce buyers, such as retailers, wholesalers and processors, can access live availability and landed costs for a wide range of produce, and are able to transact through a variety of B2B payment methods.
