Leading agritech platform Azaylla has received a cash injection in the form of an undisclosed amount of Pre-Series A funding from Singapore-based investors, Insitor Partners.
Bradley Kopsick, Insitor Partners Cambodia director, said,
“Agriculture continues to play a crucial role in the development of Cambodia’s economy. Cambodia currently imports around 70 percent of its fresh produce from Vietnam and Thailand.”
The investment in Azaylla, an agriculture supply chain platform, marks the ninth in Cambodia for Insitor Partners. Its portfolio in the kingdom includes fintech platform for microfinances Boost, First Finance, KWSH, and Joma. Insitor Partners invests in early-stage companies in Cambodia, Myanmar, India, and Pakistan.
In Phnom Penh, Azaylla’s CEO Parth Borkotoky said,
“We will make it possible for all Cambodian farmers and manufacturers to have access to a larger consumer base.”
With this latest Pre-Series A investment round, the company will also launch a digital business-to-business platform for food industry professionals to buy local products. Harnessing consumer insights, market data, and curation, the B2B platform provides much-needed consistent pricing and up-to-the-minute availability.
The company will use this funding to grow its agri-business network in Cambodia, further using digital technology to supply supermarkets, hotels, restaurants, and caterers with local products. To help Cambodian farmers address uncertain market demands and yields, Azaylla supports them to improve crop quality, increase yields, and access credit.
Founded and registered in Cambodia in 2019, Azaylla received its first round of funding last year from Phnom Penh-based venture catalyst firm Uberis Capital.
In the first nine months of 2021, 64 percent of Cambodian agricultural exports went to Vietnam and 21 percent to Thailand, according to the Agriculture Ministry.
Cambodia is also a growing market for US agricultural exports, with $72.7 million in sales in 2020. This marks a 474 percent increase in the last 10 years.
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