Kenyan fintech Tulaa closes $627k seed round led by AHL Ventures Partners

Nairobi-based fintech platform Tulaa has closed a $627 000 seed round led by Canadian impact investor AHL Venture Partners.

Tulaa, which was founded by CEO Hillary Miller-Wise in July last year, provides smallholder farmers in Kenya with access to inputs, credit and markets. The startup announced the investment yesterday in a statement on LinkedIn.

The seed funding will be used to bankroll Tulaa’s expansion in Kenya. In addition the capital will also finance the further development of the startup’s tech platform which leverages mobile technology and artificial intelligence to enable farmers to purchase inputs on credit and to market their crops efficiently at harvest time.

Tulaa provides small holder farmers in Kenya with access to inputs, credit and markets

Other investors that took part in the oversubscribed round include Beyond Capital and the Global Partnerships/Eleos Social Venture Fund.

Miller-Wise said Tulaa was “thrilled” to have the investors on board. She added that the group of investors brings a “terrific mix” of experience and knowledge globally as well as in the Kenyan market.

“Combined with the team of committed and passionate people who we have been fortunate to attract, the added experience of the investors positions us extremely well for growth,” she said.

In the same statement, AHL Venture Partners senior partner Ben Peterson said Tulaa’s platform will improve crop yields and drive improved sales for smallholder farmers, while delivering “impressive” returns to investors.

The startup — which is a spin-off of Esoko a Ghanaian information and communication service for agricultural markets — won last year’s Facebook Africa Innovation Challenge.

Featured image: Tulaa team celebrating the startup’s one year anniversary last month. (Tulaa Technologies via Twitter)