Originally from Haiti, Geneviève Reveille now lives in London, where her startup is based, with a mission to help farmers in developing countries overcome their unique challenges using technology.
Tumelo Chiloane, one of five South African founders who visited Dogpatch Labs as part of an immersion program earlier this year, spoke to SiliconRepublic.com about the challenges facing smallholder farmers in rural South Africa, who operate in a highly informal environment.
Among them are a lack of fair market prices, transparent supply chains, and access to financial services – issues facing many countries in Africa. Our newest startup this week, AgriLedger, wants to use technology to address some of these issues.
AgriLedger is a fintech company founded in 2016 by Haitian serial entrepreneur Genevieve Leveille that aims to use blockchain technology and data analytics to improve parts of the agriculture industry, making it more transparent and fair.
“Our mission is to bring trust and empower agricultural actors by providing innovative solutions that address key issues such as fragmented food systems, lack of transparency, limited access to finance, unfair trade practices and environmental degradation,” Reveille said.
The platform provides smallholder farmers in developing countries with secure ownership of their produce and facilitates access to fair market pricing and banking services. By enabling tracking from farm to fork, AgriLedger ensures the “authenticity” and quality of agricultural products, improving farmers' incomes and access to markets, Reveille said.
It also supports sustainable and environmentally friendly agricultural practices by enabling the trading of carbon credits.
“A key aspect of our approach is the use of blended finance to support access to financial resources – by combining public and private funds, we provide farmers and agricultural enterprises with the capital they need to invest in sustainable practices and technologies,” explains Reveille.
“This approach reduces financial risk, attracts additional investment and fosters a more inclusive and resilient agriculture sector. Our platform facilitates secure financial transactions and provides stakeholders with the data and insights they need to make informed decisions, driving growth and sustainability in the agriculture industry.”
Among the key markets the London-based company has identified are Côte d'Ivoire and the Democratic Republic of Congo, but Africa is not the only continent it serves: Reveille says Italy, known for its high-value products and Mediterranean cuisine, also faces challenges such as traceability, reliability and efficient energy use.
“AgriLedger introduces technology that provides end-to-end traceability from farm to fork, ensuring the authenticity and quality of agricultural produce. [in Italy]Additionally, we will integrate power management solutions to optimise energy use in the agricultural process, increasing sustainability and reducing costs,” she says.
This will be facilitated through partnerships with local governments, agricultural associations and private sector organisations to promote the use of agricultural technologies and power management systems, improving efficiency in all aspects of the trade.
Funding challenges
Prior to founding AgriLedger, Leveille held positions in the financial services industry, including at Bank of Ireland, where she introduced innovative financial solutions and improved operational efficiencies – experience she says gave her a “deep understanding” of financial systems and the importance of transparency and security in transactions.
Reveille will be speaking at the InvestHer Summit in Dublin next week, an event bringing together female entrepreneurs, investors and organisations within the funding ecosystem.
Statistics from TechIreland show that the number of female-founded startups raising capital in 2023 reached a record high, but funding for female founders fell significantly overall. The report, published earlier this year, found that the total amount raised by female-founded startups last year fell to €93 million, down from a record €234 million the previous year.
The summit, which takes place in Dublin next week, is being hosted by Ann Lavanona, founder and CEO of Global Invest Her, and those who want to support female entrepreneurs can gift tickets to the event or even treat someone to the event for free.
AgriLedger operates in a sector with limited revenue and is no stranger to fundraising-related challenges.
“With limited financial resources, it is essential for AgriLedger to maintain a lean team and keep operational costs low. This approach ensures resources are allocated efficiently and focused on delivering value to customers without unnecessary expenditure,” explains Leveille.
“Over the past 10 months, AgriLedger has actively sought investment to support our growth and technological advancements. However, we recognize that attracting investment is difficult given our limited revenues.”
To address this, the company has shifted its approach slightly, focusing less on driving investment and more on what Reveille calls “discovery and design thinking.”
“We have assembled a team of experts with diverse profiles, including experts in agriculture, carbon markets and value chain analysis, who will provide deep insights and practical solutions to the challenges facing the agriculture sector,” she says.
“The team conducts comprehensive assessments to understand agriculture's specific challenges, identify carbon credit opportunities and plan for the entire value chain, allowing us to develop detailed financial plans and strategies tailored to the unique needs of each project.”
Reveille says this approach allows AgriLedger to generate revenue while minimizing the risk of incurring liabilities.
“This ensures that we are creating a solution that the market truly needs, thereby strengthening our value proposition and making us a more attractive company to potential investors.”
The InvestHer Summit will take place at Dublin Royal Convention Centre from 19th to 21st June 2024. Book your tickets now to attend.
