Agriculture fractional investment marketplace Invest Inya Farmer (IIF) has raised $1.1 million in Seed funding to give everyone to back the people who grow what they eat.
The round was led by Investible, alongside global agtech VC AgFunder and high net worth investors.
IIF has built a smartphone app that allows users to browse and back a range of share-farming opportunities.
As their virtual farm grows, members can track holdings, while farmers provide transparency around their farming practices and share regular updates about their produce via the app.
IIF Founder Nathan MacPhee said the fresh capital will see them build out the technological foundations to scale both sides of their marketplace.
“Every single one of us depends on agriculture and food supply every single day, and our world-first approach to investing in agriculture allows everyday people to invest in the industry. IIF’s vision is to put a farm in every pocket,” he said.
The fintech startup has created share-farming programs in a wide range of agricultural sectors including wheat in NSW, apricots in Cobram, shiraz wine grapes in VIC, angus beef steers in Tasmania, as well as beehives and oysters in several states.
“A dozen oysters, honey, apricots, ginger, beef. This isn’t a shopping list. It’s an investment portfolio,” MacPhee said.
“Already IIF has created hundreds of new farmers in the city and it’s only just the beginning. It’s an exciting time to be a part of the journey as we leverage our foundations to exponentially scale, and we are thrilled to have Investible on board.”
The value of Australian agriculture has grown by 59% in the last 20 years to $90 billion in 2022. But according to the Australian National Farmers’ Federation 2030 Roadmap, the sector faces a capital shortfall in excess of $159.5 billion based on its current growth trajectory.
MacPhe said IIF gives farmers direct access to consumer-sourced capital to improve their cashflow, reduce production risk, and foster a unique connection with consumers.
Investible Principal Jayden Basha said the platform taps into a market of people seeking a stronger connection with what they eat.
“IIF is an innovative solution which solves a real pain point for farmers, while helping educate consumers along the way,” he said.
“By directly backing farmers with the upside of earning tangible returns, it’s profit with purpose.”