EthicHub secured $600k via IDB Lab.
EthicHub, a Madrid, Spain-based company operating a financing marketplace for farmers in Mexico, announced getting into an $600k investment agreement.
The funding was provided by the Inter-American Development Bank (IDB) approved, through its BID Lab innovation arm, and will be used to facilitate financing to small Mexican farmers.
EthicHub, founded in 2017 and led by CEO Jori Armbruster, developed a peer to peer marketplace helping small farmers from Mexico with direct marketing of products (contract farming) so that farmers can receive higher prices for their sale. The company' platform also aims to strengthen the digital identity of these producers with their credit history so that they can have easier access to the financial system.
EthicHub is currently in use by around 45,000 small farmers operating farms between 2 and 10 hectares for the cultivation of coffee, cocoa and other items.
Prior to this financial support, EthicHub secured about $400k from investors.