Farmdar, a Karachi-based agritech startup, raised $1.3 million in seed funding from Indus Valley Capital, Deosai Ventures, Tricap Investments, United Distributors Pakistan Limited, The Community Fund VC, LMKR, and K2 Global Ventures.
Elevator Pitch: Data-driven farming for better yield, quality, and efficiency.
Make me care: Pakistan’s economy is heavily dependent on agriculture.
About 42% of the population is employed by the sector, contributing to 19% of GDP and accounting for about $70 billion in GDP.
Food safety is adversely affected by the overuse of fertilizers. When this is combined with inaccurate yield estimates and inadequate harvest monitoring, the output is highly inefficient.
As a result, Pakistan has become uncompetitive in local and international markets.
Farmdar wants to help solve this problem for farmers using satellite imagery and data.
Tell me more: Farmdar makes it possible for farmers and businesses to have accurate and actionable data based on high-resolution multi-band satellite imagery.
The data can help farmers increase yield, cut food waste, improve supply chain management, and monitor the effects of climate change on agriculture.
What they are saying: “Pakistan is amongst the top 10 producers in the world for essential crops such as sugarcane, wheat, and rice, yet in terms of yield, we rank 50th or below. It’s a massive yield gap. Farmdar is uniquely positioned to help increase yield and quality while reducing farming costs and minimizing waste,” claimed Muzaffar Manghi, one of the co-founders.
You should know: Farmdar was founded in 2021 by Muhammed Bukhari, Muzaffar Manghi, and Ibrahim Bokhari.
It plans to use the funding to scale across Pakistan and recruit top tech talent.
Additionally, it plans to apply use cases from Pakistan in foreign markets like Thailand, Malaysia, Bangladesh, and the Middle East.
Zoom out: In the past decade, agriculture has increased at a nominal rate of 2% YOY.
Through its involvement in the production side, Farmdar is placing itself right in the heart of growth.
As farmer yields improve, so will the data, which will result in a flywheel effect.