Digital agricultural trading platform Avenews-GT closed a $3m Series seed fund from the venture arm of global holding group XT Holdings, XT Hi-Tech.
With the aim to boost the business sector of farming, Avenews-GT connects financial institutions and agri-businesses through a blockchain-based digital infrastructure and directly links agricultural trade activity with supporting financial services. Its paperless platform also helps track sales and contracts for farmers.
Founded in 2017 by Shalom Ben-Or, Ishai Ben-Or and Ismail Kharoub, the firm has collaborated with many established banks in the African continent such as Barclays and DPO, among others.
Given that agriculture accounts for about a third of the total gross domestic product in the region, the company aims to digitise business processes such as payments and trading for farmers as well as help them get access to a wider market.
Commenting on the new funding round, XT Hi-Tech chairman Udi Angel said: “The streamlining and promotion of agriculture today are a central focus of global attention as we work to solve the problem of food insecurity for billions of people. Increasing access to farmers mostly in developing countries for supply chain digitisation, credit and other banking services through Avenews-GT’s fintech platform will advance this goal.”
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