Oyster Agribusiness Secures $2mn in Funding to Expand Operations

Oyster Agribusiness, an innovative agri-tech company has secured $2 million in funding to expand its operations and deepen its impact on smallholder farmers across Ghana.

The funding was made possible through the support of Root Capital, RDF Ghana, and Sahel Capital Social Enterprise Fund for Agriculture in Africa (SEFAA FUND), with the fundraising process led by Pangea Africa Limited, a leading Business Development Service provider.

A statement issued in Accra said over the last five years, Oyster Agribusiness, specializing in climate-smart agriculture, had played a pivotal role in transforming the livelihoods of smallholder farmers and promoting sustainable agricultural practices.

It said the company had paid over GH¢60 million ($3.8million) to smallholder farmers and positively impacted the lives of 4,500 smallholder farmers. Oyster Agribusiness also says it has cultivated over 20,000 acres of farmland and supplied over 25,000 tons of agricultural produce to markets locally and internationally.

It said the fresh capital injection would allow Oyster Agribusiness to expand its operations, reach more farmers, and scale its climate-smart agricultural initiatives. The statement said it would also strengthen the resilience of Ghana’s agricultural sector in the face of climate challenges.

Edmond Kombat, Chief Executive Officer of Oyster Agribusiness said: “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.”

He said this investment was 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,” he added.

Nii Lokko – Partner, Pangea Africa Limited said Pangea Africa Limited played a crucial role in structuring and guiding the fundraising process, ensuring that Oyster Agribusiness attracted the right partners to scale its operations while maintaining its focus on environmental sustainability and empowering smallholder farmers.

“Oyster is a prime example of a growing African agribusiness generating triple bottom-line impact. Under the dynamic leadership of Mr. Kombat,  Oyster is achieving impressive profits while delivering measurable social and environmental benefits, particularly for Ghanaian farmers,” he added.

He said they served as a shining example of leadership to their West African agribusiness counterparts.

Source:thehighstreetjournal.com