Agri-fisheries startup Mayani has announced raising $1.7 million in a Seed funding round anchored by AgFunder, marking the Silicon Valley agtech venture capital investor’s maiden investment in the Philippines.
The funding round, which was oversubscribed, was also participated by a host of other investors, including Singapore-based Atlas Ventures and Accelerating Asia Ventures, Australian blue economy-focused firm Ocean Impact Organization, South Korean VC TheVentures, and the US and Southeast Asia funds of marquee VC Plug and Play Ventures, which is known for its early investments in over 30 billion-dollar companies.
Several strategic angels, the Jimenez family (known for establishing broadcasting giant GMA), along with the families behind the Malaysian conglomerate OSK Group and Philippine retailer Abenson Group also participated in the funding round.
The startup is said to have primed its Series A discussions already on the back of significant growth achieved in the 2022 operating year.
Backed by the Asian Development Bank and the Japan International Cooperation Agency, Mayani provides sustainable market linkage to small farmers and fisherfolks in the Philippines. It was founded in 2019 by Jeff Barreiro, JT Solis, and Ochie San Juan.
The startup directly sources harvests from a grassroots network of over 139,000 smallholder farmers across five regions in the country’s populous and largest island Luzon, according to the announcement.
When it first started, Mayani targeted fresh lowland produce such as lettuce and eggplant. It has since expanded into various agri categories, including poultry, processed commodities such as Liberica coffee, and high-value fruits such as honeydew gold.
Now, the startup aims to transform the Philippine rural food value chain by solidifying its techno-operational stack and expanding its supply chain operations across the archipelago nation.
“Ever since we started in 2019, we galvanized this collective conviction that we’re really solving meaningful problems here in the agri-fisheries sector and its $9 billion output value,” said Jeff Barreiro, Mayani’s Founder and Executive Chairman.
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