Key Takeaways:
- Oyster Agribusiness raises $2 million to expand its climate-smart initiatives supporting smallholder farmers in Ghana.
- The funding was backed by Root Capital, RDF Ghana, and Sahel Capital SEFAA Fund, with Pangea Africa Limited leading the fundraising process.
- The company has made significant contributions over five years, including GH¢60 million ($3.8 million USD) paid to farmers and 25,000 tons of produce supplied locally and internationally.
- The investment aims to further enhance Ghana’s agricultural resilience and support sustainable growth for smallholder farmers.
Oyster Agribusiness’ Expansion in Climate-Smart Agriculture
Oyster Agribusiness, a forward-looking AgriTech company focused on climate-smart agricultural practices, announced today that it has raised $2 million in new funding to advance its operations across Ghana. This funding round was made possible by investors including Root Capital, RDF Ghana, and the Sahel Capital Social Enterprise Fund for Agriculture in Africa (SEFAA Fund). Business development support was provided by Pangea Africa Limited, which led the fundraising process and facilitated partnerships aimed at expanding Oyster’s reach and impact.
A Track Record of Sustainable Development
Since its inception, Oyster Agribusiness has actively contributed to the welfare of Ghanaian smallholder farmers by implementing sustainable agricultural practices and offering fair economic opportunities. Under the leadership of CEO Edmond Kombat, the company has become a recognized player in sustainable agriculture. In the last five years alone, Oyster has paid over GH¢60 million ($3.8 million USD) to farmers, reached 4,500 smallholder farmers, cultivated over 20,000 acres of farmland, and supplied more than 25,000 tons of produce to local and international markets. These efforts have helped promote food security while supporting Ghana’s smallholder farmers in building resilient, climate-smart farming systems.
The recent $2 million capital injection is expected to bolster Oyster’s ability to extend its services to more farmers, helping them transition to climate-smart agriculture and enhancing the overall stability of Ghana’s agricultural sector amidst growing climate challenges.
Scaling Impact with the Support of Strategic Partners
Oyster’s expansion aligns with the investment objectives of Root Capital, RDF Ghana, and the Sahel Capital SEFAA Fund, organizations that prioritize sustainable agricultural development across Africa. CEO Edmond Kombat expressed his enthusiasm about the future of Oyster and its strengthened capacity to make a difference: “We are thrilled to have the support of Root Capital, RDF Ghana, Sahel Capital, and Pangea Africa Limited, whose expertise and backing will help us to accelerate our vision. This investment is a testament to the impact we’ve made with smallholder farmers and the tremendous potential we see in scaling our operations. Together, we are working toward a more sustainable, inclusive, and resilient agricultural ecosystem in Ghana.”
Pangea Africa Limited’s Role in Raising Capital
Pangea Africa Limited, a prominent business development service provider, guided Oyster Agribusiness through the fundraising process. The organization played a key role in structuring the deal, securing partners with shared values and goals for sustainable development. Nii Lokko, a partner at Pangea Africa Ltd., highlighted the achievements of Oyster under Edmond Kombat’s leadership: “Oyster is a prime example of a growing African agribusiness generating triple bottom-line impact. Under the dynamic leadership of Mr. Edmond Kombat, Oyster is achieving impressive profits while delivering measurable social and environmental benefits, particularly for Ghanaian farmers. They serve as a shining example of leadership to their West African agribusiness counterparts.”
