Nagro, a Brazilian agro-fintech startup that provides credit to rural producers, has raised a Series A funding round worth USD $49M through a mix of credit and equity financing. The round included the participation of Kinea Ventures and Revolution funds. The funds raised will be used to invest in the expansion of Nagro's two main verticals:
- The analysis and monitoring of credit risk for companies through the AgRisk platform.
- The provision of credit through the two already captured Fiagros.
In total, Nagro has disbursed over USD $60M to more than 5,000 rural producers, all serviced 100% digitally.
"We want to help improve the quality of credit granted, support the industry and distributors in conducting more business with technology and smart credit, and primarily assist small and medium-sized producers in all phases of their business, from short-term working capital operations to long-term investments," says Mateus Carrijo, CMO of Nagro.
Currently, more than 500,000 rural producers have already been analyzed by the AgRisk platform. Credit provision is spread across 40 different crops and in over 2,000 municipalities.
The completion of the Series A funding round also reinforces Nagro's credibility, with contributions from significant names in the sector.
"The use of data to connect the supply chain and reduce distances between small and large producers was one of the differences observed by Kinea," says Bruno Souza, Director of Investments at Kinea Ventures.
With this funding round, Nagro aims to establish itself as a 'one-stop shop' for business and credit for input suppliers and rural producers. The company's goal is to serve 10,000 rural producers by 2024.