AFRICA – InspiraFarms, a provider of on- and off-grid cold storage solutions in East and Southern Africa, has closed a Series B to further expand its operations in the region.
The series was led by KawiSafi Ventures, a growth equity fund focused on renewable energy in East Africa. Existing investors Energy Access Ventures and PYMWYMIC also participated in the round along with Untapped, which was closed in April 2020.
“We are excited to join forces with other investors to support InspiraFarms in its growth journey. At KawiSafi, we see InspiraFarms as a world-class leader in energy-efficient cold chain and look forward to working together to implement rapid solutions in agricultural efficiency across Africa,” Amar Inamdar, Managing Director of KawiSafi Ventures, commented.
InspiraFarms is also working in partnership with the Shell Foundation and with project finance partners to scale the building of a leasing platform to expand access to longer-term affordable asset financing for agribusiness clients, including a ‘cooling as a service’ option, first-mile cooling for out-growers, as well as medium to large scale cold storage for distributors and exporters.
“In a time of critical need for food supply chains to ensure the health and welfare of the global population, InspiraFarms is focused on continuing to support our clients to improve their ability to produce, manage and supply fresh produce to domestic and export markets,” Tim Chambers, Co-Founder and CEO of InspiraFarms, remarked.
InspiraFarms designs, finances and supplies energy-efficient and solar-powered cold rooms to agribusinesses and food distributors in East and Southern Africa. InspiraFarms technology allows its customers to access new higher-value markets, significantly cut energy costs, reduce post-harvest losses and meet international food safety certifications.
InspiraFarms provides remote performance monitoring capabilities and long-term asset financing that allow customers to overcome financial barriers to acquiring new technology and grow sustainably.