Guyana’s Carana Agriculture Development Partnership (CADP) is raising $1.21 million in Series A-1 funding with the help of online fundraising platform AgFunder.
The subsidiary of Carana Corporation, a development consulting firm that directs business strategy in more than 250 projects worldwide, is planning to raise $500,000 on AgFunder with a $1 million hard-cap.
This first round of fundraising will capitalise the establishment of 60 acres of horticultural farms and 50 acres of aquaculture farms. The firm aims to have built 500 acres of fish and horticulture farms in 2017.
Carana Corp has been working on agricultural development projects in Guyana for more than 10 years and managed USAID’s Guyana Trade & Investment Support. In 2013 it formed Carana Agribusiness.
“A few years ago, Carana saw that we were running projects and then leaving behind all of this research and development, all this knowledge,” chief executive Patrick Henry told AgFunder. “There was this kind of missing link in taking things from a development project to a commercial venture.”
The deal is currently in the preview period on AgFunder.
AgFunder is still fundraising for AgSmarts, an irrigation technology company, that is targeting $400,000 and has so far raised $245,000. Earlier this year it raised $7 million for aWhere, an agdata firm, and $400,000 for Tree Global, a tree nursery technology company.