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Emata, a Uganda based startup that offers affordable loans to farmers has raised a USD 2.4 M seed round which it will use to expand its agri-loan offering across East Africa. The seed round was a mix of USD 1.6 M debt and USD 800 K equity funding. The round was backed by African Renaissance Partners, Norrsken Accelerator Draper Richards Kaplan Foundation, with participation from angel investors Marcus Boström, Zephyr Acorn.
By working with cooperatives and farmer-based organizations, Emata offers automated loans to farmers. These partners also help Emata with the recollection of loans from farmers. The fintech will use the funding to fund its offerings in Uganda and expand into Tanzania.