Via News Release
Traive, an ag-fintech that unlocks credit to farmers using a proprietary Machine Learning-based credit risk assessment, announced that it has raised $1.3 million in Seed Round funding.
The new funding comes from The Syndicate Fund (“TSF”) and a mix of investors from the United States, Australia, and Brazil, and will allow Traive to go after the ever growing agricultural lending market. “The wide range of investors and their deep understanding of agriculture and finance symbolizes the need for this type of solution in many different markets.” said CEO and Co-Founder Fabricio Pezente.
Traive brings to the agricultural market the state-of-the-art AI technologies farmers need to receive a novel and fair credit risk assessment, opening the door for new sources of capital for their businesses. For lenders, Traive provides a differentiated credit risk analysis applied over independent and alternative data, while allowing access to a much larger and diversified portfolio of farmers.
Traive is currently focused on expanding their solution in the $65 billion market in Brazil. Pezente said, “The country is a huge market for Traive, it is one of the main breadbaskets in the world with millions of small to medium-sized farmers who have limited access to credit and often pay interest rates not representative of their true repayment risk. Expansion to other major agricultural hubs across the world is next as geographical diversification is key to lowering the portfolio risk in this industry.”
“Fabricio and the Traive team bring a unique knowledge of the Brazilian market combined with incredible financial acuity. They’re well positioned to take on a big market opportunity, just the type of company that we love to invest in,” said The Syndicate Fund’s Managing Director, Brett Brohl.
“We are thrilled to have TSF as an investor and continue to grow the bond we developed with Brett as part of the Techstars Farm to Fork Program”, said Pezente. “This capital will be dedicated to incorporate our Brazilian subsidiary and establish a local team, acquire data and grow our army of data scientists in the Boston/MIT area to further enhance our product.”
Traive is a US-based, Techstars-backed, ag-fintech startup founded inside MIT, focused on unlocking credit to underserved farmers around the world through data and connection to multiple sources of lenders. For more information please visit https://traivefinance.com/ or on twitter @traivefinance
About The Syndicate Fund
The Syndicate Fund is a venture capital fund focused on seed and pre-seed companies with operations in the United States. Our specific areas of interest include companies operating anywhere along the value chain in retail, marketing, food, & agriculture. Our founder and Managing Director is serial entrepreneur Brett Brohl, currently the MD of Techstars Farm to Fork Accelerator. For more information please visit https://www.thesyndicatefund.com/ or on twitter @brettbrohl