Village Capital has announced its latest investments worth USD 150,000 in two innovative women-led startups, Rhea Soil Health Management (Rhea) and Regxta, through Standard Chartered’s Women in Tech Financing Facility, created to support alumni of Standard Chartered’s Futuremakers program.
Rhea is revolutionizing agriculture in Kenya by providing affordable and accessible soil testing solutions that help smallholder farmers improve yields and promote soil health. Regxta, based in Nigeria, is advancing financial inclusion by offering tailored services to micro, small, and medium-sized enterprises (MSMEs), with a particular focus on women-owned businesses.
In Kenya, agriculture forms the backbone of the economy, contributing 33% to the Gross Domestic Product (GDP), accounting for 65% of exports, and employing around 60% of the workforce. The country’s 7.5M smallholder farmers are a major contributor to Kenya’s agricultural productivity and are essential to Kenya’s food security and rural economies. Yet, for many farmers, high soil acidity, primarily caused by the overuse of chemical fertilizers, is a critical barrier to soil health and the growth of many crops, particularly staple crops like maize. This level of acidity restricts plants’ nutrient uptake, resulting in poor yields and diminished income for farmers.
Priscilla Wakarera, founder of Rhea, highlighted the transformative impact of the investment, stating: “Building a science-driven hardware-software business in Africa’s agritech sector is challenging, especially with the need for continuous R&D and market-driven innovation. Village Capital’s investment will help us finalize the production of our Agripad devices, expand our agent network, and strengthen our impact on smallholder farmers and agronomists across Kenya. The Standard Chartered Women in Tech program equipped us with the tools to scale sustainably and create meaningful results and therefore joining Village Capital’s portfolio, solidifies that foundation.”
The potential of soil testing goes beyond improved harvests; it directly impacts food security, environmental resilience, and the economic stability of Kenya’s rural communities, which predominantly consist of farmers. Rhea presents an innovative approach to designing a soil testing device tailored to the needs of smallholder farmers. They address two critical challenges: helping smallholders increase crop yields to strengthen food security and improve soil health to combat climate change. By providing actionable soil insights, Rhea enables farmers to optimize fertilizer use, promoting both soil regeneration and sustainable farming practices while boosting incomes.
The International Finance Corporation (IFC) estimates that 40% of formal micro, small, and medium enterprises (MSMEs) in developing countries face unmet financing needs. According to Development Aid, these small businesses are the backbone of Nigeria’s economy, accounting for 48% of national GDP, making up 96% of businesses, and providing 84% of employment. Despite their significance, the majority remain unbanked, relying on informal loans from friends and family to sustain their operations. This financial gap significantly limits their capacity to grow, sustain their businesses, and improve their incomes.
Fintech solutions like Regxta are addressing critical gaps in markets where traditional banking has struggled, especially in rural and underserved areas of Nigeria, where nearly half of the population remains unbanked. In 2023, nearly half of Nigeria’s adult population accessed digital financial services,
highlighting fintech’s significant role in bridging this gap. With Nigeria representing about one-third of Africa’s fintech market, Regxta is uniquely positioned to capture this potential by providing a lifeline for small business owners otherwise excluded from formal financial systems.
For Rukayat Bello, founder of Regxta, the funding is a significant validation and opportunity. “Village Capital’s investment arrived at a crucial time, enabling us to expand our reach, secure a microfinance banking license, and enter new markets. This support affirms Regxta’s position as a high-impact startup driving poverty reduction, fostering economic growth, and creating sustainable opportunities for underserved communities in Nigeria.”
The Women in Tech Financing Facility reflects the shared mission of Village Capital and Standard Chartered to address gender disparities in access to funding. By offering catalytic capital, the facility empowers women entrepreneurs, particularly in underserved regions, to overcome the unique challenges and biases they face and drive lasting change in their communities.
For more information, reach out to Eva Waweru at Village Capital (eva.waweru@vilcap.com) or Mariam Sezinga at Standard Chartered Bank Kenya (mariam.sezinga@sc.com).
About Village Capital
Village Capital is reinventing the system to back the entrepreneurs of the future. Known for its groundbreaking approaches to supporting founders who are building solutions to emergent social, economic, and environmental challenges, VilCap unlocks critical social and financial capital for early-stage companies to maximize business and impact growth.
Village Capital has operated in sub-Saharan Africa since 2012, running over 14 accelerator programs serving entrepreneurs in 15 countries in the region. VilCap has supported more than 120 locally-based startups and 78 Entrepreneur Support Organizations (ESO) working in sectors such as financial health, hardware, sustainability, and the future of work. Learn more at www.vilcap.com and follow @villagecapital.
Standard Chartered
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