STAR BUSINESS REPORT

Bangladesh-based agri-tech startup iFarmer has secured $1.5 million in foreign funding as it seeks to strengthen the country’s agricultural value chain.

The funding comes from Symbiotics, a Switzerland-based market access platform for impact investing, according to a statement.

The investment will support iFarmer’s working capital requirements, enabling it to expand agricultural input distribution and strengthen market linkages for farmers across Bangladesh.

iFarmer said the investment marks another important milestone as international investors continue to back technology-driven agricultural platforms that improve efficiency, transparency and access to financing in emerging markets.

Bangladesh’s agriculture sector employs nearly 40 percent of the workforce and contributes significantly to the national economy, supporting around 25 million farmers across 17 million farms and accounting for about 12 percent of the country’s gross domestic product (GDP).

However, farmers continue to face challenges related to financing, input quality and market access.