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Oyster Agribusiness, an innovative agri-tech company, has raised US$2 million in funding to expand its operations and deepen its impact on smallholder farmers across Ghana.
This was made possible through the support of Root Capital, RDF Ghana and Sahel Capital Social Enterprise Fund for Agriculture in Africa (SEFAA FUND), with the fundraising process led by Pangea Africa Limited.
The company, which specialises in climate-smart agriculture, has played a pivotal role in transforming the livelihoods of smallholder farmers and promoting sustainable agricultural practices.
The Chief Executive Officer (CEO) of Oyster Agribusiness, Edmond Kombat, said over the last five years, the company carried out a number of interventions to scale up the activities of smallholder farmers.
“We paid over GH¢60 million (US$3.8million) to smallholder farmers, positively impacted the lives of 4,500 smallholder farmers, cultivated over 20,000 acres of farmland and also supplied over 25,000 tonnes of agricultural produce to markets locally and internationally,” he said.
Mr Kombat believed that “this fresh capital injection will allow Oyster Agribusiness to expand its operations, reach more farmers, and scale its climate-smart agricultural initiatives, further strengthening the resilience of Ghana’s agricultural sector in the face of climate challenges”.
Sharing his enthusiasm about the investment and the future of the company, he said: "We are thrilled to have the support of Root Capital, RDF Ghana, Sahel Capital, and Pangea Africa Limited, whose expertise and backing will help us to accelerate our vision.”
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Edmond Kombat (left), CEO of Oyster Agribuinsess, interacting with some farmers
“This investment is a testament to the impact we've made with smallholder farmers and the tremendous potential we see in scaling our operations.
“Together, we are working towards a more sustainable, inclusive and resilient agricultural ecosystem in Ghana," Mr Kombat said.
He said Pangea Africa Limited played a crucial role in structuring and guiding the fundraising process, ensuring that the company attracted the right partners to scale its operations while maintaining its focus on environmental sustainability and empowering smallholder farmers.
"Oyster is a prime example of a growing African agribusiness generating triple bottom-line impact. Under the dynamic leadership of Mr Kombat, Oyster is achieving impressive profits while delivering measurable social and environmental benefits, particularly for Ghanaian farmers.
They serve as a shining example of leadership to their West African agribusiness counterparts," a Partner of Pangea Africa Ltd, Nii Lokko, remarked.
