ONEVC led a US$2.7m round in TerraMagna, a Brazilian agtech platform providing working capital for farmers, with participation from MAYA Capital and Accion Venture Lab, and angels Patrick Sigrist (iFood), Fernando Gadotti (DogHero), Lincoln Ando (idwall), and Allan Kahimoto (Delivery Direct). The Yield Lab invested R$2m in 2019 in its first investment in a Brazilian startup. Canary invested US$256k in 2017.
(Crunchbase) – Agriculture fintech company TerraMagna raised $2 million in seed funding for risk mitigation, providing farmers in Brazil access to working capital.
ONEVC led the round and was joined by MAYA Capital, Accion Venture Lab and a group of angel investors. In total, TerraMagna has raised $2.7 million since the company was founded in 2017, Bernardo Fabiani, executive director and co-founder of TerraMagna, told Crunchbase News.
Independent Brazilian farmers typically finance 80 percent of their working capital each planting season to purchase items such as seeds, fertilizer, herbicides and pesticides, he said. However, they are traditionally ignored by banks that lack the ability to reach farmers across the country, and instead rely on short-term financing.
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