Tarfin raises $5M Series A led by Quona Capital. Turkish farm-inputs sales and financing platform will use funds to expand its proprietary mobile technology and reach more farmers in Turkey and Eastern Europe.
Tarfin, the Istanbul-based provider of agricultural inputs to farmers with extended payment terms, completed its $5 million Series A investment round. Led by Quona Capital, a venture firm focused on fintech in emerging markets, other backers include Elevator Ventures (the venture capital firm of Raiffeisen Bank), Syngenta Ventures (the venture capital fund of Syngenta Group), and Tarfin's seed investors Collective Spark Fund and Wamda. Tarfin will use the new funds to further invest in its data analytics and mobile technology with the aim of reaching more farmers in Turkey and nearby geographies.
Farmers in many emerging markets experience difficulty accessing agricultural inputs due to working capital constraints. With its proprietary risk scoring models and extensive retail network, Tarfin provides farmers with access to high-quality agricultural inputs with extended payment terms. Tarfin’s mobile application is a one-stop solution for farmers to compare prices across Tarfin’s many retail locations and complete their purchases with their preferred financing method instantly. Since its founding, Tarfin has helped over 12,000 farmers conveniently purchase their fertilizers, seeds, chemicals in-season and pay after harvest.
“The pandemic has once again revealed the importance of agriculture. We have always made it a mission to support the continuity of food production with new tech-based solutions," Mehmet Memecan, the founder and CEO of Tarfin, said. “We are happy to receive the backing of world-class investors to fuel our growth." "Mehmet and his team have built an incredible business in Turkey, which has global applicability, helping farmers with the tools they need to thrive,” said Quona Capital partner Johan Bosini. “Turkey is the seventh-largest agricultural producer globally, and the impact of supporting independent farmers is significant. At Quona we are really excited to be part of the journey with this strong team.” Maximilian Schausberger, managing director at Elevator Ventures, said, "We were impressed by how easily farmers can access financing through Tarfin. We see a large market potential in other countries for Tarfin's financing solution embedding the loan process smoothly into farmers' producing cycle."
Combining traditional supply channels with technology and financial resources, Tarfin makes it easier for farmers to access high-quality agricultural inputs with convenient payment terms. Since its founding, Tarfin has financed over 18,000 transactions for fertilizers, seeds, feedstuffs, and chemicals through its 240 partner retail locations. The team at Tarfin is proud to have facilitated farming on over 440,000 acres. Tarfin’s asset backed security issues, where Tarfin transforms its agricultural receivables into structured investment instruments, was awarded in the "Best Structured Bond Product" category at the Bonds and Loans Awards 2019. Tarfin was founded by Mehmet Memecan in 2017 in Istanbul. https://tarfin.com
About Quona Capital
Quona Capital is a scale-up stage venture firm focused on fintech for inclusion in emerging markets. Quona partners have deep experience as investors and operators in both emerging and developed markets and look for entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion. To date, Quona has supported more than 30 financial technology companies, expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa. Quona got its start through a strategic relationship with Accion, a global nonprofit with a pioneering legacy in microfinance and fintech impact investing. For more information, visit
About Elevator Ventures
Elevator Ventures, the venture capital entity of Raiffeisen Bank International, is expanding its portfolio with a focus on fintech ventures in Central and Eastern Europe. Combining its belief in the fintech ecosystem in the region with the expertise and corporate solution partnership of Raiffeisen Bank International, Elevator Ventures aims to bring its invested enterprises to a leading position in their sectors. https://www.elevator-ventures.com/
About Syngenta Ventures
Syngenta Ventures is the corporate venture capital (CVC) arm of Syngenta Group, one of the world’s leading agriculture innovation companies, with roots going back more than 250 years. Its 48,000 people across more than 100 countries strive to transform agriculture through breakthrough products and technologies that play a vital role in enabling the food chain to feed the world safely, sustainably and with respect for our planet. Launched in 2009, Syngenta Ventures was one of the first corporate venture capital teams dedicated to agriculture. With an experienced team of investment professionals and a large, diverse portfolio of investments, Syngenta Ventures has established itself as one of the most active and knowledgeable investors in the space today. Syngenta Ventures makes investments across North America, Europe, Latin America, Israel, India and China with a common theme of helping growers to be more profitable while positively impacting the future of agriculture. See more about Syngenta Ventures at https://www.syngentaventures.com/
About Collective Spark Fund
Collective Spark Fund, established in Turkey, focuses on early stage technology ventures. Focusing on startups that have the potential to change their industry, the fund positions itself as a long-term partner for startups. It provides access to the best expert talent and hands-on shared resources in different areas critical to the success of initiatives. https://www.collectivespark.com/
Wamda accelerates entrepreneurship ecosystems throughout the Mena region by joining Wamda’s multi-stage, sector-agnostic investment vehicle, focused on partnering with high growth technology or technology-enabled startups, as well as the leading knowledge platform offering integrated programmes including thought leadership and research, community development, Wamda’s fellowship programme Wamda X, as well as corporate and government advisory services to the various stakeholders of the Mena startup ecosystem. https://www.wamda.com