EKTA Partners acted as exclusive financial advisor on SunCulture’s oversubscribed Series B
April 2024 -SunCulture, a provider of solar-powered irrigation solutions and agricultural technology to smallholder farmers, has raised a US$27.5 million Series B funding round to fuel its growth and build new products. SunCulture is a long-standing client of Ekta Partners.
This transaction reflects EKTA Partners’ long-standing commitment to raising equity for climate players, its ability to successfully execute and oversubscribe rounds in a difficult fundraising environment, and its commitment to working long-term with its clients supporting them along their growth journey.
SunCulture helps smallholder farmers grow more food with climate technology, financing, and a digital marketplace. The company has more than 50 per cent market share for smallholder farmer solar irrigation systems in Sub-Saharan Africa, and its solar-powered water pumps and irrigation systems have been transformative for smallholder farmers, enabling access to water, reducing labor costs, and increasing crop yields.
The US$27.5 million Series B funding round attracted a diverse group of international investors – Reed Hastings, InfraCo Africa Limited, Acumen Fund, The Schmidt Family Foundation, and others – as well as follow-on investment from EDF Group, Equator, and the Acumen Resilience Agriculture Fund (ARAF).
The investment will fuel SunCulture’s continued growth, enabling the expansion of its product line, entry into new markets, and further development of its technology platform designed to increase smallholder farmer productivity and resilience to climate change.
“Today marks a pivotal moment for SunCulture, our dedicated team, and the farmers we serve,” said Samir Ibrahim, CEO and co-founder of SunCulture. “This investment is a testament to the hard work and dedication of our team, and it reinforces our mission to make farming more profitable, sustainable, and environmentally friendly. With this new funding, we are set to accelerate our impact, bringing our life-changing technology to even more farmers around the world.”