CEO and founder Genevieve Leveille. Image: AgriLedger
Originally from Haiti, Genevieve Leveille now lives in London where her start-up is based. The mission is to help farmers in developing countries to overcome unique challenges with tech.
Earlier this year Tumelo Chiloane, one of the five South African founders who visited Dogpatch Labs as part of an immersion programme, told SiliconRepublic.com of the challenges faced by small-scale farmers in rural parts of his country that operate in a highly informal setting.
Some of them include lack of access to fair market pricing, transparent supply chains and financial services – issues that are faced across many countries in Africa. Our latest Start-up of the Week, AgriLedger, wants to address some of these problems using technology.
Founded in 2016 by Genevieve Leveille, a serial entrepreneur originally from Haiti, AgriLedger is a fintech company that leverages blockchain technology and data analytics to improve parts of the agricultural industry with the aim to make it more transparent and equitable.
“Our mission is to enable trust and empower stakeholders in the agricultural sector 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,” says Leveille.
The platform provides smallholder farmers in developing countries with secure titles to their produce, facilitating fair market pricing and access to banking services. By enabling traceability from farm to table, Leveille said that AgriLedger ensures the “authenticity” and quality of produce – improving income and market access for farmers.
It also supports sustainable and environmentally friendly farming practices by enabling the trade 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 funding, we provide farmers and agricultural enterprises with the necessary capital to invest in sustainable practices and technologies,” Leveille explains.
“This approach mitigates financial risks, attracts additional investment, and fosters a more inclusive and resilient agricultural sector. Our platform facilitates secure financial transactions and provides stakeholders with the necessary data and insights to make informed decisions, driving growth and sustainability in the agriculture industry.”
While some of the key markets identified by the London-headquartered company are the Ivory Coast and the Democratic Republic of Congo, Africa is not the only continent it caters to. Leveille says that Italy, known for its high-value products and mediterranean diet, also faces challenges such as traceability, authenticity and efficient energy use.
“AgriLedger will implement its technology to provide end-to-end traceability from farm to table, ensuring authenticity and quality of produce [in Italy]. Additionally, integrating power management solutions to optimise energy use in agricultural processes, thereby enhancing sustainability and reducing costs,” she says.
This will be helped by partnerships with local government, agricultural associations and private entities, promoting the use of agritech and power management systems to improve efficiency across all fronts of the trade.
Funding challenges
Prior to founding AgriLedger, Leveille held roles in financial services, including at the Bank of Ireland, where she implemented innovative financial solutions and enhanced operational efficiencies. This experience, she says, provided her with a “deep understanding” of financial systems and the importance of transparency and security in transactions.
Leveille will be speaking at the InvestHer Summit in Dublin next week, an event that will bring together women entrepreneurs, investors and organisations from within the funding ecosystem.
While stats from TechIreland show that a record number of start-ups founded by women raised funding in 2023, the overall level of funding for women founders dropped significantly. The report, released earlier this year, showed that the total amount raised by women-founded start-ups fell to €93m last year, down from a record €234m raised the previous year.
Run by Anne Ravanona, founder and CEO of Global Invest Her, the summit in Dublin next week will also allow those who wish to support women entrepreneurs an opportunity to gift an event access ticket and send someone to the event for free.
AgriLedger is no stranger to funding-related challenges, operating in a space that offers limited revenue.
“With limited financial resources, it is imperative for AgriLedger to maintain a lean team and keep operational costs low. This approach ensures that resources are allocated efficiently, focusing on delivering value to our customers without unnecessary expenditure,” Leveille explains.
“Over the past 10 months, AgriLedger has been actively seeking investment to support its growth and technological advancements. However, we have recognised the challenges associated with attracting investment given our limited revenue.”
To address this, the company has slightly pivoted its approach by moving the focus on raising investment to what Leveille calls discovery and design thinking.
“We have brought in a team of experts with diverse profiles, including specialists in agriculture, carbon markets and value chain analysis. These professionals provide deep insights and practical solutions to the challenges faced in the agricultural sector,” she says.
“The team conducts comprehensive assessments to understand the specific challenges of agriculture, identify opportunities for carbon credits and map out the entire value chain. This allows us to create detailed financial plans and strategies tailored to the unique needs of each project.”
Leveille says that this approach allows AgriLedger to generate revenue while minimising the risk of accruing debt.
“It also ensures that we are creating solutions that are genuinely needed by the market, thereby strengthening our value proposition and making us more attractive to future investors.”
InvestHer Summit takes place in the Dublin Royal Convention Centre from 19 to 21 June 2024. Book your tickets to attend now.
