9 April 2024: SunCulture, a leading provider of solar-powered irrigation solutions and agricultural technology to smallholder farmers, is thrilled to announce the successful close of its $27.5 million Series B funding round. The oversubscribed round marks a significant milestone in the company's mission to revolutionize sustainable farming practices across the globe.
The Series B funding round attracted a diverse group of international investors—Reed Hastings, InfraCo Africa Limited, Acumen Fund, The Schmidt Family Foundation, and others, and follow-on investment from EDF Group, Equator, and the Acumen Resilience Agriculture Fund (ARAF)—signaling strong confidence in SunCulture's innovative approach to addressing the critical challenges faced by smallholder farmers, especially in emerging markets. The investment will fuel SunCulture's continued growth, enabling the expansion of its product line, entry into new markets, and further development of its technology platform designed to increase smallholder farmer productivity and resilience to climate change.
"Today marks a pivotal moment for SunCulture, our dedicated team, and the farmers we serve," said Samir Ibrahim, CEO and Co-Founder of SunCulture. "This investment is a testament to the hard work and dedication of our team, and it reinforces our mission to make farming more profitable, sustainable, and environmentally friendly. With this new funding, we are set to accelerate our impact, bringing our life-changing technology to even more farmers around the world.
SunCulture's solar-powered water pumps and irrigation systems have been transformative for smallholder farmers, enabling access to water, reducing labor costs, and increasing crop yields.
The Series B funds will be instrumental in scaling SunCulture's operations, enhancing its technology offerings, and supporting its strategic expansion plans. The company is poised to enter new markets in Sub-Saharan Africa and beyond, bringing its sustainable agricultural solutions to more farmers in need.
"This oversubscribed funding round is a clear indication of the market's confidence in SunCulture, our vision, and our impact on the ground," said Andrew Reicher, Chairman of SunCulture. "We are grateful for the support of our new and existing investors, and we look forward to leveraging these resources to drive further innovation and growth."
As SunCulture continues on its path of rapid growth and expansion, it remains committed to its core mission of improving the livelihoods of smallholder farmers through life-changing technology.
Ekta Partners acted as the exclusive financial advisor for this transaction, building on the team’s track record in raising capital for tech companies driving positive change.
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About SunCulture: SunCulture helps smallholder farmers grow more food with climate technology, financing, and a digital marketplace. The company has >50% market share for smallholder farmer solar irrigation systems in Sub-Saharan Africa. Selected by the World Economic Forum as a Technology Pioneer in 2023 and by Fast Company as one of the World’s Most Innovative Companies in 2021. For more information, visit: www.sunculture.com.
