Daily Markup

Daily Markup #1036: Elevarm receives US$1M pledge to help Indonesian farmers flourish with financing, free advisory, and tech-driven solutions

July 24, 2024 · 2 min read
Photo credit: Elevarm

Seeds of change

  • A farmer-friendly financing program is set to expand its reach across Indonesia. Europe’s Rabobank, Japan’s Nikkei-listed IT giant Scala, and Indonesian tech-driven microfinance company, Amartha, have jointly pledged more than US$1M towards developing Elevarm’s pro-farmer financing product.
  • The 500-backed integrated farming productivity platform will now be able to help smallholder farmers acquire agricultural inputs on a secure credit basis, streamline cultivation practices to enhance productivity, and increase their overall financial literacy.
  • Currently, more than 200 farmers have benefited from Elevarm’s financing program, with approximately US$150K disbursed over a period of six months. The new partnerships are expected to increase this number to approximately 1,000 farmers and US$1.5M by the end of 2024.
  • 96% of Indonesia’s smallholder farmers face difficulties accessing safe and reliable financing, and many lack the knowledge of agricultural best practices. Elevarm’s program will address this through initiatives such as remote monitoring, scientific soil testing, and a free advisory program.
  • The team also guarantees offtaking of every harvest for farmers under their financing program, including off-grade yields, ensuring smallholder farmers will consistently benefit from a stable and secure stream of income every season.
  • “Financial literacy is a crucial part of empowering smallholder farmers because it enables them to truly take ownership of their yields and grow their livelihoods,” shared Bayu Syerli Rahmat, Co-founder & CEO.
  • “Together with our new partners, Elevarm is connecting global expertise in this field to the grassroots of local farming, using our productive financing model to not only enhance their productivity in the long run but also to help them improve what they do best: feeding Indonesia and the world,” he added.
  • Elevarm is also currently preparing for their pre-Series A funding round and is slated to release more agri-input products this year, with a focus on bio-stimulants and bio-pesticides.
  • Congratulations to the Elevarm team!
  • Read the full story on TechNode Global.
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