Tech

Techcoop Secures $5M Funding for Agritech Innovation

By Xavier Roxy

March 22, 2024

329

Vietnamese agritech startup, TechCoop Pte. Ltd., successfully raised over $5 million in equity and debt from local banks on March 21. Singapore-based venture capital firm TNB Aura and local VC firm Ascend Vietnam Ventures (AVV) backed the fundraising. Other participants included Ethos Ventures, South Korean impact investor MYSC, and Mandala Capital.

Techcoop plans to use the funding for technology development and expansion across Vietnam, with a presence in 30 cities through eight strategic operation hubs located in Ho Chi Minh City, An Giang, Ben Tre, Binh Thuan, Binh Phuoc, DakLak, Gia Lai, and Lam Dong.

Hao Diep is the co-founder and CEO of Techcoop. He expressed gratitude towards institutional equity investors from both within Vietnam and other parts of Asia who took part in the investment round. "This funding is a tremendous vote of confidence in our mission and vision," he said. "We are excited to partner with them as we strive to make a lasting impact on the lives of farmers across the country."

Established just this year (2022), Techcoop offers an integrated suite of trade services, such as digital financing solutions, along with advisory services targeted at small- to medium-sized enterprises (SMEs) within Vietnam's agricultural sector. Additionally, they also cater to farmer clubs involved primarily in export-driven supply chains.

The company supplies these SMEs with agri-inputs like fertilizers, crop protection measures, and seedlings coupled with mechanical services, which come attached with payment terms ranging between three and six months, while their outputs—an assortment of nuts, fruits, and vegetables—have payment terms that range between thirty and sixty days.

In addition to these offerings,Techcoop also provides digital platforms such as AgriFarm, aimed at traceability; AgriSME, aimed at preparing smaller farms for exporting goods; and AgriERP, all designed specifically to aid small farmers and farmer clubs. Techcoop has successfully managed to partner with over 2,000 agri-SMEs along with farmer clubs, reaching out to more than 150,000 farmers.

Hau Ly, a partner at AVV, spoke about the company's mission: "Techcoop is on a mission to empower millions of smallholders in Vietnam and unlock the full potential of many value chains through trade, finance, and digital inclusion," he said. He went on to add that the agriculture sector in Vietnam was ripe for innovation and growth while expressing belief in TechCoop’s dedication towards their goal as well as its team's combined experience within sectors such as agriculture, fintech, and banking, which would contribute towards creating a sustainable future for Vietnamese agriculture.

The startup delivered an impressive performance last year when it generated $10 million in sales, turning profitable within just one year of its establishment. This successful round of fundraising stands testimony to TechCoop’s commitment to achieving their goal of empowering local farming communities across Vietnam by providing them access to modern solutions aimed at enhancing productivity and thereby boosting overall profitability.


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