Tech-enabled Agri startup Fashol connecting farmers to markets and streamlining supply chains, announced Thursday that it has raised $1 million in pre-seed funding from SOSV, South Asia Tech Partners, and angel investors such as Co-Founder and CEO of Foodpanda Ambareen Reza and Co-Founder and Managing Director of Foodpanda Zubair Siddiky.
As a significant contributor to Bangladesh’s GDP, the agricultural industry is poised for transformative change amidst the country’s recent economic growth and the rise of emerging technologies.
Fashol is at the forefront of this transformation, eliminating multiple layers of middlemen in the supply chain and providing farmers with direct market access and hassle-free transactions through dedicated Fashol Farmers Centers. In turn, small retailers benefit from a streamlined supply chain and competitive prices.
Founded in 2020 by Sakib Hossain and Mamunur Rashid, who bring a combined 18 years of experience in multinational corporations and startups, Fashol is committed to using recent investments to build the technology to optimize the supply chain, leveraging data to minimize the supply and demand gap, and bringing automation for seamless transactions from farmers to retailers.
They plan to build more Fashol Farmers Centers and Micro Distribution Centers as well. This expansion will give both farmers and retailers greater market access, while offering an all-in-one service for farmers at these centers, fostering growth and innovation in the agricultural landscape of Bangladesh. Founder Sakib Hossain said, “The post-harvest loss of fruits and vegetables in Bangladesh is alarmingly high, can get up to 40%, resulting in more than 100% higher prices for consumers compared to farmers.
Additionally, the presence of multiple middlemen further exacerbates the price gap between farmers and consumers. Fashol’s vision is to address this challenge and create a more efficient and equitable agricultural sector for all stakeholders involved.” Oscar Ramos Orbit Startups MD and SOSV General Partner said, “Agriculture is a critical industry in emerging markets, but inefficiencies in the supply chain and intermediaries not only drive prices high but also generate a massive loss. We were very impressed by how Sakib and Mamun have built a significant operation to improve the farm-to-shop channel, allowing farmers to receive fair compensation while making food more affordable and reducing waste in the supply chain. We are looking forward to supporting Fashol as they build a more sustainable agriculture ecosystem in Bangladesh.”
