Complete Farmer secures $2.4 million convertible loan from IFC and BIFT

Complete Farmer has secured a $2.4 million convertible loan to scale its agritech platform across West Africa, Africa Investor Review reported on 18 September. The loan was co-led by the International Finance Corporation (IFC) and the Business Investment Financing Track (BIFT).

IFC is also providing $660,000 in technical assistance and grant support, which brings the total package to $3.06 million. BIFT operates under the Global Agriculture and Food Security Program and provides concessional capital to early-stage agrifood businesses.

Connecting growers to buyers

Complete Farmer runs a digital marketplace that links smallholder growers with industrial buyers, input suppliers and logistics providers. Growers follow a standardised agronomy framework, which helps buyers rely on consistent quality and volumes.

The company also finances inputs. Farmers receive inputs at the start of the production cycle, so they can plant without paying for everything up front. Complete Farmer currently works in Ghana and Togo.

What the money is for

The funding will scale the input financing model and grow the platform's footprint. The company has set a target of reaching 240,000 farmers by 2030.

"This partnership allows us to scale our input financing model," said chief executive Desmond Koney.

Complete Farmer's Delaware-incorporated parent company is also running a targeted equity round alongside the loan, to fund further expansion in West Africa.

At a glance

• Company: Complete Farmer
• Raised: $2.4 million convertible loan, plus $660,000 in technical assistance and grants
• Co-leads: IFC, BIFT
• Markets: Ghana, Togo
• Target: 240,000 farmers by 2030