What’s this about?
- Pumpkn, a South African startup providing financial support to agribusinesses through data-driven credit assessments, secured funding from Renew Capital to bridge the agricultural financing gap.
- Pumpkn’s platform offers fast loan approvals and seamless access to financing for agri-SMEs, aiming to facilitate over $1 billion in loans to 150,000 African SMEs by 2030, significantly impacting job creation and economic growth.
- Renew Capital’s investment in Pumpkn marks its first in South Africa, highlighting the growing role of technology in enhancing agriculture and supporting sustainable development across Africa.
Zoom in…
Pumpkn, a South African startup, that offers and facilitates financial support for agribusinesses by leveraging data to make credit assessments of agricultural small and medium-sized enterprises (agri-SMEs) has raised funding from Renew Capital to address the funding gap in agriculture which hinders its growth.
Africa’s agricultural sector plays a significant role in the continent’s economy, contributing about 35% to the GDP and supporting the livelihoods of nearly half of Africa’s 1.4 billion population. Pumpkn helps lenders easily identify bankable businesses and manage their loan portfolio to make agribusiness financing commercially viable for lenders and make loans accessible for agribusinesses so that they can obtain the necessary tools, machinery, and equipment to facilitate their growth.
Bottomline
According to Zaheer Dindar, co-founder & CEO of Pumpkn, “Despite agriculture being the major GDP contributor for many African countries, many agriculture-focused businesses still have a hard time finding the financing they need to grow and thrive. Pumpkn is committed to working closely with agribusinesses to enable their growth, with a direct impact on job creation. Pumpkn seeks to fill the financing gap for agribusinesses by providing farmers and entrepreneurs with the financial resources they need to thrive.”
Pumpkn stands out with its aim to provide fast loan approvals, zero paperwork and seamless accessibility. Pumpkn’s intuitive platform directly links to agri-SMEs’ bank accounts, empowering them to swiftly secure essential financing.
“We are witnessing an important shift in Africa, with technology playing a major role in boosting sectors including agriculture,” said Adam Abate, principal of investment at Renew Capital. “We are thrilled to support Pumpkn on its mission and proud to have them as our first-ever investment in South Africa.”
The Big picture
The platform aims to facilitate over $1 billion in financing to over 150,000 African SMEs by 2030 because SMEs have the potential to create millions of jobs and have a catalytic effect across the African continent.
Bottomline
Renew Capital recently invested in Rwanda’s beauty marketplace Zuri to help it reach more customers in the Democratic Republic of Congo, Uganda and Rwanda and has also invested in Jamii.one, Farm-to-Feed, Tapii, FlexPay, Sawa Energy among others. Renew Capital invests on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact.
Source: techmoran.com
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