In the heart of the agricultural sector, Farmio is reshaping the landscape with innovative, technology-driven solutions for individuals seeking sustainable and profitable ventures in agriculture. This unique fusion of technology and agriculture empowers clients to fully harness the potential of their investments. Farmio’s wide array of services encompasses smart and efficient farm tools, automation, marketing and market connections, trained personnel, and on-demand agronomy support.
Prior to joining forces with the Ghana Climate Innovation Centre (GCIC) on its transformation journey, Farmio encountered significant challenges. Commercial sustainability was a major hurdle, and their manual service delivery approach hindered scalability and limited their focus on high-value services, thus restricting revenue growth.
The collaboration between GCIC and Farmio has proven to be a game-changer, propelling the company toward sustainability and profitability. Through a comprehensive suite of interventions, Farmio has undergone a remarkable transformation. Anaporka Adazabra, the team lead at Farmio, credits GCIC for playing a pivotal role in this journey. She highlights the impact of masterclasses and various courses on the Coursera learning management platform, which equipped Farmio with a profound understanding of the building blocks of nurturing and growing a sustainable business, which they effectively integrated into their operations. According to Farmio, the foundational knowledge of business management and strategy, including business case planning for mitigating the risks of climate change, were strongly complemented by the financial management and operational support provided by their portfolio manager.
Additionally, the significance of the grant assistance extended by GCIC towards setting off Farmio to commercial success was also acknowledged. Farmio has been strategic with allocating and leveraging the grant support across three crucial areas: the development of a super app, acquisition of the FDA Packhouse Certification, and the establishment of an in-house workshop.
With the Super App, Farmio ventured into the technological domain by digitizing specific revenue streams through proprietary software solutions, resulting in streamlined operations and a 30% increase in overall efficiency. The establishment of an in-house workshop also culminated in prudent fiscal management, reducing costly outsourcing of fabrication processes, and increasing profit margins from 29% to an impressive 34% over the nine-month incubation period.
Fundraising assistance has positioned Farmio favourably for articulating their innovative business model to potential investors, and they are advanced with closing a variety of deals with a number of investors to give life to their strategic expansion drive. It is envisaged that the FDA Packhouse Certification will anchor the above by paving the way for expanded international market participation. The company has conserved up to 50% more water compared to traditional farming practices and improved food security for 5,000 smallholder households, mitigating climate-induced food scarcity.
As Farmio continues its growth trajectory, it is poised to secure more funding opportunities and expand into additional local and international markets, with current off-taker agreements in place to facilitate this expansion. The company’s evolution from manual and unsustainable operation, to a technology-enabled and profitable enterprise is testament to the immense value provided by GCIC’s diverse range of services.
