Pakistan-based agritech startup, Farmdar raises $1.3 million in a seed funding round that was led by local VC, Indus Valley Capital, with participation from Deosai Ventures, Tricap Investments, United Distributors Pakistan Limited, The Community Fund VC, LMKR, and K2 Global Ventures.
Farmdar raises $1.3 million to expand the startup
Farmdar’s vision is to empower the farmers of Pakistan that will create a food secure world and it will also enable the farmers in Pakistan to use the latest technology which will help them gain control over their produce and its true value. Farmdar aim to teach the farmers, using satellite imagery and data, regarding the overuse of fertilizers and its impact on the yield which results in highly inefficient output when combined with inaccurate yield estimates and inadequate harvest monitoring.
Farmdar raises $1.3 million to develop its tech team and hire the very best tech talent of Pakistan that will also solve the unemployment issues. Moreover, it will also apply use cases from Pakistan in markets such as Thailand, Turkey, Bangladesh, Malaysia, Philippines, and across the Middle East, hence, paving the way for expansion beyond the Pakistani market.
A little about Farmdar
Farmdar was launched in 2021 by childhood friends Muhammed Bukhari, Muzaffar Manghi, and Ibrahim Bokhari who discovered that Pakistani produce was considered low quality in the UK and UAE markets when they first started exporting produce. Ibrahim Bokhari said; “We looked at supply chain improvements first, like a cold chain, which allowed us to extend shelf life but our underlying quality was still poor. We then tried remote sensing and precision agriculture technology and it created a step-change in quality and yield whilst reducing our input costs.”
Muzaffar Manghi, the co-founder of the startup, said; “Pakistan is amongst the top 10 producers in the world for essential crops such as sugarcane, wheat, and rice, yet in terms of yield we rank 50th or below. It’s a massive yield gap. Farmdar is in a unique position to help increase yield and quality while reducing farming costs and minimizing waste. Pakistan is well placed to be a regional and global agricultural leader. The starting point for agricultural excellence is data and insight that can be actioned upon, accurately and quickly. That’s where Farmdar comes in.”