NIGERIA – Pricepally, Nigerian ecommerce start-up backed by GreenTec Capital Partners, has been selected to receive funding and support from US-based SOSV.
SOSV provides multi-stage investment to develop and scale big ideas for positive change, investing in 150 companies every year through category-leading startup development programs.
Principally was one of three African companies selected for 10 slots in SOSV’s cross-border programme along with Egypt’s DXwand, and Kenya’s MarketForce.
Each company will receive around US$150,000 in seed funding as well as capacity building, mentorship and network support.
“Principally joining SOSV’s cross-border programme highlights the competitiveness of their solution against international competition and demonstrates Africa’s attractiveness for funders seeking tech-enabled businesses generating positive impact and financially competitive solutions,” highlighted GreenTec Capital.
Pricepally is a group-buying platform aggregating consumer food demand in urban cities and matching it with supplies directly from farmers and wholesalers.
The company’s innovative platform helps users access savings through efficient and convenient bulk purchases for individual users or in groups for added savings.
It is currently active in Lagos, Abuja, ad Port Harcourt and is steadily growing.
Lotus Ecoculture launches in Ghana
Meanwhile, Nigeria based a social impact company, Lotus Ecoculture, an agricultural has launched its services in Ghana through its subsidiary, Mepe Farms Limited, seeking to offset US$35 billion annual food imports to Africa.
The company has been trading with smallholder farmer aggregation in the West African markets for over six years.
It utilizes innovative technologies to deliver the highest yields and quality crops in a sustainable zero-waste production cycle, with a specialty in organic grains and greenhouse vegetables.
Under the new initiative, Mepe Farms has partnered with several businesses and organizations that aim to alleviate poverty, improve food security, and foster economic growth including the Ministry of Food & Agriculture in Ghana and TROTRO Tractor.
The company has acquired over 3,300 hectares of farmland in the Volta region, hoping to increase farming yields by up to 30% “whilst maintaining a zero-waste, zero-chemical operation.”
It also aims to tackle rising food costs using innovative agronomic and agritech solutions, a fully-mechanised technological process, and zero-chemical input operation to boost growth in Ghana’s agricultural sector.
All inputs are OMRI (Organic Materials Review Institute) certified, bringing Ghana best-in-class organic inputs, available to farmers in the region at a discounted price.
Activities of the companies would address the concerns of lack of raw materials in producing animal feed, which has been identified as a major setback in the sector, leading to a frequent shortage of feed.
An estimate of 50 jobs would be created for an all-female agronomic team, to remedy the fact that women already make up a significant percentage of the agriculture value chain, but earn a fraction of the income.
Meanwhile, Mepe Farms has secured massive export agreements to supply various companies in Europe and Asia, and as well as provide raw materials to some factories in Ghana.
The agreement includes the exportation of 4,500 metric tonnes of Soybeans to European and Asian markets.
In addition to supply of 2,250 metric tons of Soybeans and 3,750 metric tons of maize to support animal feed production companies operating locally and 3,000 metric tons of organic tomatoes to two processing companies operating in the Bono Region.
Interestingly, all organic waste from cultivation operations will be used as raw materials and converted into Bio-Fertiliser and energy under the company’s Assisted Fermentation Technology and Portable Biogas module.