Tech Firm Tulaa gets Sh63m for Expansion
Agricultural platform Tulaa has secured a seed investment of $627,000 (about Sh63 million) from institutional investors – AHL Venture Partners, Eleos Social Venture Fund, Beyond Capital and Rafiki Ventures.
Tulaa said it will use this first equity injection to fund its continued expansion in Kenya and for further development of its technology platform.
Through the Tulaa platform, some 10,000 farmers use their phones to order inputs, apply for loans and connect to markets through brokers trained by the company.
The platform, which won the 2017 Facebook Africa Innovation Challenge, operates in Narok, Nakuru and Machakos but plans to expand to Meru, Makueni and Embu by December.
To apply for loans, farmers dial a short code on their phones. Tulaa then contacts them through a call centre or field officers.
Farmers then register and provide basic information, which includes their identity as well as farm size and what they grow.
Source: African Strategic-Ventures (ASV) & Business Daily Africa