South African agri-fintech startup HelloChoice has secured investment from Standard Bank as it looks to solidify its position as the leading digital fresh produce and agricultural marketplace.
Launched in 2018 by Grant Jacobs and Graeme Jarvie with the goal of modernising the traditional farm produce buying and selling process, HelloChoice is a fresh produce trading platform that has over 2,000 users that have so far traded over ZAR100 million (US$6.8 million).
HelloChoice was invited to work with Standard Bank on the OneFarm Share hunger relief and food security campaign in 2020. OneFarm Share links requests for food aid with extra fresh produce from emerging farmers, commercial farmers, and food processors, and has so far raised the supply and delivery of hunger relief donations to 3,200 tonnes, amounting to 12.8 million nutritious meals for disadvantaged children and communities.
After the success of that partnership, Standard Bank has now invested in HelloChoice, in return for a 25 per cent equity stake in the business.
“The strategic investment will help us to further fund ongoing tech investment and operational capacity, as we leverage our complementary offerings and strengths to deliver more innovative services and solutions to customers in South Africa and across our continent,” said Jacobs.
“Standard Bank’s equity purchase in HelloChoice affirms the bank’s aspirations to play a broader role in the agriculture ecosystem, and forms part of the wider ecosystem strategy, which houses OneFarm and OneFarm Share,” said the bank’s head of ecosystems Wendy Pienaar.