Oyster Agribusiness, an innovative agricultural technology (AgriTech) enterprise collaborating closely with smallholder farmers, has announced the successful acquisition of substantial funds to advance its mission of sustainable agriculture, gender inclusivity, and talent management.
The company garnered a total of US$310,000 in grants and a line of credit for funding, marking a significant milestone in its journey toward effecting positive change in the agricultural sector. Root Capital, nonprofit lender committed to promoting resilience and prosperity in rural communities, extended Oyster Agribusiness a substantial line of credit totaling US$300,000.
This financial infusion will play a pivotal role in expanding the operations and extending assistance to more smallholder farmers in need. With the capital injection, Oyster aspires to empower greater number of farmers, augmenting the current 3,000 smallholder farmers they collaborate with.
Through provisions like sustainable fertilizers, compost, improved seeds, and expert agronomical practices, the goal is to elevate the productivity and enhance livelihoods of the farmers
Edmond Kombat, Founder/CEO of Oyster Agribusiness said “We express our deep gratitude to Root Capital, our collaborative partners, and the grant providers for acknowledging the worth of our endeavors and the potential of smallholder farmers”.
“This funding will enable us to broaden our outreach, strengthen our gender inclusivity initiatives, and invest in our exceptional team, propelling us closer to our vision of a flourishing, sustainable agricultural sector,” he added.
Mr. Kombat explained that Oyster Agribusiness leverages technologies such as temperature and moisture sensors, aerial images, GPS technology, automation, information monitoring, and data gathering and analysis. This comprehensive technological integration not only enhances efficiency in our smallholder farms but also augments yields, trims costs, and reinforces sustainability, making our approach environmentally conscious.
Climate-Smart Agricultural Practices
These climate-smart agricultural practices contribute to improved forecasting and decision-making processes, ensuring efficient delivery of farm inputs to farmers and the transportation of farm produce from farmers to off-takers.
Additionally, the CEO noted Oyster Agribusiness has been awarded two generous grants to underpin crucial elements of social impact initiatives which include a Gender Inclusion Grant and a Talent Management Grant. The former will be allocated to promote gender equality and empower women within the agricultural landscape.
Meanwhile, Oyster Agribusiness firmly believes that nurturing gender inclusivity is pivotal for the sustainable growth of farming communities. “Through this grant, we will introduce targeted programmes aimed at granting women farmers’ access to resources, training, and decision-making roles, thereby reinforcing their contributions to the sector,” Mr. Kombat noted.
Human capital forms the bedrock of Oyster Agribusiness’s accomplishments, and this grant is dedicated to nurturing talented pool of professionals. By investing in talent development, Oyster aspired to foster a culture of innovation, excellence, and empathy, equipping to better cater to the needs of farmers and drive enduring positive change, he said of the latter.
Oyster Agribusiness is firmly convinced that sustainable agriculture and ethical business practices have the potential to catalyze social and economic transformation. With the unwavering support of its partners, stakeholders, and the commitment of our dynamic team, we are confident that these freshly acquired funds will accelerate our endeavors to forge a more equitable, resilient, and prosperous agricultural ecosystem.