A Kenyan agrifood-tech startup Stable Foods has secured Ksh73.2 million ($600K) in funding from Acumen Resilient Agriculture Fund (ARAF) and Mercy Corps Ventures.
ARAF which invests in innovative business models that help smallholder farmers adapt to climate change and Stable foods is a portfolio company of Pyramidia Ventures.
The funding will be subsequently used to scale up the startup's proof of concept to 500 farmers by the end of 2023.
"We offer an ultra-low-cost, climate-resilient, tech-enabled food production system that will reduce the cost of production, increase yield and improve market access," Andrew Massaro, founder, and CEO stated.
Additionally, through the funding, the startup will build out its climate-smart smallholder food production system.
Notably, the startup has developed an integrated solution that includes Irrigation-as-a-service (IaaS), provision of inputs and off-take contracts, and training on regenerative agriculture best practices.
The above services are offfered to smallholder farmers and allow them to layer solutions that meet their specific needs.
"We are thrilled with this round of funding in our very first venture coming out of the studio," noted Ruth Bertens, the founder and managing partner of Pyramidia Ventures.
Furthermore, the donors noted since the ravaging effects of climate change cannot be over-estimated and overlooked, the IaaS solution offered by Stable Foods represented a revolutionary service in the market.
"The donors are fully aligned with Stable Foods' mission and we could not be more proud of the entire Stable Foods team for getting such high-quality partners on board," she added.
Notably, the ongoing drought has left millions of Kenyans and their livestock starving and in dire situation. Pastoralists in some of the hard-hit counties are counting losses after the biting drought claimed their animals.
The government has set aside funds to buy and distribute relief food in the most affected areas across the country.
