Agrolend, a São Paulo, Brazil-based financial institution focused on serving farmers, raised USD27M in Series B funding.
Lightrock led the Series B with support from Valor Capital, Continental Grain Company, SP Ventures, Provence Capital, Barn Invest, Yara Growth Ventures and Mago Capital.
This funding will increase Agrolend’s equity to R$220 million; enabling the company to target an increase in its loan book to R$2 billion for the 2023/24 crop season, through extending its services to a client base of up to 10,000 small-to-medium sized farmers across Brazil. Agrolend’s loan book is expected to reach R$250 million by the end of 2022.
Led by CEO Andre Glezer, Agrolend is a financial institution focused on serving small and medium-sized farmers in Brazil, by granting them credit. The company operates through partnerships with industries and distributors of ag inputs, equipment, and farm implements, and also works with agtechs in the financing of technology. Farmers have access to credit through an electronic platform and operations are originated and formalized in a digital environment, just using the smartphone.
Agrolend is present in more than 10 Brazilian states and in several segments such as soybeans, corn, coffee, sugar cane, fruits, livestock and dairy cattle.
The Series B follows the raising of a new R$150m securitization vehicle for its agribusiness loans in the form of a FIAGRO – a special investment fund for agribusiness-related assets – which was backed by asset managers including Itaú Asset Management and JGP Asset Management.
FinSMEs
09/11/2022