Farmer Connect bags $9Mn funds to expand coffee traceability solutions

Farmer Connect bags $9Mn funds to expand coffee traceability solutions

The investment will be used to develop products that meet the demand for efficient and traceable agriculture supply chains

Geneva-based Farmer Connect- an Agritech firm known for its novel coffee blockchain traceability technology, has reportedly raised USD 9 million Series A funds led by ITOCHU, to develop sustainable food supply chains.

For the record, the company is expected to use the investment to develop novel products like Sustainable Development Goal trackers, and ESG, to help increase the demand for efficient and traceable agriculture supply chains which will help consumers and farmers.

Incorporated in the year 2019, Farmer Connect operates software to help farmers connect to the global food supply chain with the help of IBM’s Food Trust Blockchain technology and AI. The solution allows consumers to scan the barcode printed on their coffee beans packs and learn about its journey from source to cup, including roasting, packaging, and distribution.

Notably, the recent investment round was led by ITOCHU Corporation- a prominent Japanese general trading company. The funding round also witnessed the participation of Sucafina- a multinational coffee brand and a founding partner of Farmer Connect.

It is worth mentioning that the latest fundraise follows the company’s robust growth in 2020, which included joining forces with the research team of London School of Economics. Moreover, the agritech company has expanded its customer base and partnered with companies like Jacob’s Douwe Egberts, and JM Smucker Company.

Seemingly, the latest funds worth USD 9 million will support Farmer Connect to recruit sector-specialist commercial and customer success teams for tea, cocoa, coffee, fragrances, and spices. The company is also seeking to expand its operations and build hubs in Geneva, Brazil, New York, and Singapore.

In other news, in 2020, British company UCC Coffee teamed up with Farmer Connect to offer a blockchain traceability technology for Orang Utan Coffee.

Source Credit: https://www.ledgerinsights.com/itochu-backs-blockchain-food-traceability-startup-farmer-connect-series-a/