InspiraFarms closes Series B investment round to expand operations in East and Southern Africa
InspiraFarms, an on- and off-grid cold storage solutions provider in East and Southern Africa, has closed a Series B to further expand its operations in the region.
The series was led by KawiSafi Ventures, a growth equity fund focused on renewable energy in East Africa. Existing investors Energy Access Ventures and PYMWYMIC also participated in the round along with Untapped, which was closed in April 2020.
InspiraFarms designs, finances and supplies energy-efficient and solar-powered cold rooms to agribusinesses and food distributors in East and Southern Africa. InspiraFarms technology allows its customers to access new higher-value markets, significantly cut energy costs, reduce post-harvest losses and meet international food safety certifications. InspiraFarms provides remote performance monitoring capabilities and long-term asset financing that allow customers to overcome financial barriers to acquiring new technology and grow sustainably.
InspiraFarms is also working in partnership with the Shell Foundation and with project finance partners to scale the building of a leasing platform to expand access to longer-term affordable asset financing for agribusiness clients, including a ‘cooling as a service’ option, first-mile cooling for out-growers, as well as medium to large scale cold storage for distributors and exporters.
Tim Chambers, Co-Founder and CEO of InspiraFarms, remarked: “In a time of critical need for food supply chains to ensure the health and welfare of the global population, InspiraFarms is focused on continuing to support our clients to improve their ability to produce, manage and supply fresh produce to domestic and export markets”
Amar Inamdar, Managing Director of KawiSafi Ventures, commented: “We are excited to join forces with other investors to support InspiraFarms in its growth journey. At KawiSafi, we see InspiraFarms as a world-class leader in energy-efficient cold chain and look forward to working together to implement rapid solutions in agricultural efficiency across Africa”.