Kenya - Startup under 3 years old

Describe your project or startup in a few words

Radava addresses fundamental agricultural market failures that threaten food security by facilitating the electronic trade of agricultural commodities

01.01 Describe your startup in more detail

We address fundamental agricultural market failures that threaten food security by facilitating the electronic trade of agricultural commodities. We aim to connect more than 250 million smallholder farmers in Sub-Saharan Africa to global commodity markets, open up finance for smallholder farmers, and provide a portfolio of commodities-backed products as an alternative asset class for investors. We envision a future where every smallholder farmer in sub-Saharan Africa has equal access to global markets, financial opportunities, and sustainable livelihoods. Our mission is to empower these farmers by revolutionizing agricultural trading, and providing secure storage, economic access, and market connections. Our comprehensive solution provides access to warehouses for storage, quality agro-inputs, collateral for loans, and a commodity exchange platform for selling produce. This end-to-end solution addresses multiple pain points for smallholder farmers.

01.02 What is the main problem you are trying to solve?

Due to market inefficiencies, specifically price fluctuations, over 250 million smallholder farmers in Sub-Saharan Africa fail to market their produce and manage price risk successfully. As a result, their working capital keeps shrinking, threating their livelihoods and food security. During harvest season, the market is saturated with agricultural commodities which causes prices to drop. The smallholder farmers usually rush to the market to sell their yields at this time, incurring significant loss on the investment they made on their farm during the planting, weeding, and harvesting season.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Radava innovative solution that directly addresses the problem of market inefficiencies and price fluctuations faced by over 250 million smallholder farmers in sub-Saharan Africa. By providing smallholder farmers with access to well-equipped warehouses, Radava helps them safely store their produce until market conditions improve, thereby avoiding post-harvest losses. Furthermore, Radava provides smallholder farmers with the ability to use their stored produce as collateral for accessing loans. This helps them to secure immediate finance when they need it, without having to sell their produce at a loss in order to obtain cash. This not only helps to protect their working capital but also promotes financial inclusion for smallholder farmers who often lack access to traditional financial services. Lastly, Radava helps smallholder farmers to sell their produce to a good market through its commodity exchange platform. Radava's comprehensive solution helps farmers manage price risk

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

We decided to launch Radava because we recognized the urgent need to address the challenges faced by smallholder farmers in sub-Saharan Africa. Our co-founder, Isaac, is someone who has worked in the agricultural sector for several years and he hails from a family of farmers. He has seen firsthand how market inefficiencies and price fluctuations can have a devastating impact on the livelihoods and food security of smallholder farmers. We were particularly struck by the fact that over 250 million smallholder farmers in sub-Saharan Africa struggle to market their produce and manage price risk effectively, leading to a decline in their working capital and threatening their livelihoods and food security. We felt that something needed to be done to help these farmers secure better prices for their produce and protect their working capital.

01.05 When was your company established?

2021-12-17

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

3

01.08 Among the other owners, how many are female?

1

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Josephine Otieno holds a Bachelors Degree in Telecommunication and information Engineering from JKUAT University. She serves as our CTO. Isaac is an ambitious and dedicated person with technical and analytical skills in financial technology. He serves as our CFO. He has acquired the necessary skills in incorporating technology in the African financial markets. Ivan holds a masters degree in project planning and management from the University of Nairobi . He serves as our COO

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://rx.radava.co/

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Many smallholder farmers lack access to storage and transportation facilities which can to manage price risk effectively. Without these facilities, they are forced to sell their produce immediately after harvest, when prices are low in order to avoid spoilage or damage to their crops. This can leave them vulnerable to fluctuations in market prices, and can lead to a decline in their working capital and livelhood

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

We enable farmers to conduct agriculture in sustainable by enabling them to sell their produce to the right market, at the right time, earning them the right income

02.03.01 My startup contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

We ensure food crops are handle and stored in a secure manner ensuring that the population access quality, healthy and nutritious food

02.04.01 My startup contributes to the Quality education goal

5

02.04.02 Quality education - Justification for my startup

We successfully conducted the "Enhancing Financial Literacy Among Smallholder in Western Kenya to Build their Resilience to Climate Change" successfully. The project equipped smallholder farmers with the necessary financial skills to help solve the problem of limited financial literacy and access to credit facilities for smallholder farmers in Western Kenya which exacerbates their vulnerability to climate change.

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

We contribute to gender equality through: 1. Inclusive hiring: We ensure gender balance in recruitment 2. Mentorship & capacity building: We offer training and mentorship to youth & women smallholder farmers 3. Flexible work arrangements: Radava supports flexible work schedules 4. Supportive workplace culture: We champion for a workplace the is fosters respect, diversity, and inclusivity. 5. Community engagement: We closely work with youth and women groups in rural areas supporting gender equality initiatives and extend their impact to the society level

02.06.01 My startup contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

We contribute to Decent Work and Economic Growth by fostering an inclusive, fair, and dynamic work environment. We prioritize creating quality jobs with fair wages, safe working conditions, and opportunities for career advancement. By implementing equal employment practices and promoting diversity, we ensure a balanced workforce. Additionally, we invest in employee training and development, fostering innovation and productivity. Our commitment to sustainable practices and ethical business standards drives economic growth, benefiting both our employees and the wider community

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

We provide farmers with access to standard and certified warehouses linked to the commodity exchange. When farmers bring their yields their issued with a blockchain-backed electronic receipt that serves as collateral and is tradable on our exchange platform

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

We contribute to reducing inequality by empowering economically marginalized smallholder farmers. We ensure fair trade practices, guaranteeing that farmers receive equitable prices for their produce, which boosts their incomes. More importantly, through capacity-building initiatives, we provide training and resources to enhance farmers' skills and productivity with sustainable farming techniques. We also facilitate market access by integrating smallholder into the supply chain that connects them to global marketplace, earning them better returns.

02.11.01 My startup contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification for my startup

Radava Mercantile contributes to the Sustainable Cities and Communities goal through its warehouse receipt system and agro-commodity exchange, which operate in rural areas. By providing secure storage facilities, the warehouse receipt system allows farmers to store their produce safely, reducing post-harvest losses and ensuring food security. The agro-commodity exchange enables farmers to trade their products at fair market prices, improving their incomes and economic stability. These systems promote efficient supply chains, reduce waste, and enhance the economic resilience of rural communities. Additionally, Radava Mercantile invests in local infrastructure and engages with community members to ensure sustainable and inclusive development, fostering vibrant and sustainable rural communities

02.12.01 My startup contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification for my startup

We implement sustainable practices throughout our operations. We prioritize the use of eco-friendly materials and processes, reducing waste and minimizing our environmental footprint. Our products are designed for durability and recyclability, promoting a circular economy. We also educate consumers on sustainable farming and consumption practices. By collaborating with smallholder farmers committed to sustainable practices, and continuously improving our supply chain, we conduct our business in manner that benefits both the environment and society.

02.13.01 My startup contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification for my startup

Radava Mercantile contributes to the Climate Action goal by implementing sustainable agricultural practices and reducing its carbon footprint. Through its warehouse receipt system and agro-commodity exchange, the company promotes efficient storage and transportation, minimizing waste and emissions. Radava Mercantile supports smallholder farmers in adopting climate-resilient farming techniques, such as crop rotation and organic farming, which enhance soil health and reduce greenhouse gas emissions. Additionally, the company invests in renewable energy sources for its operations and engages in reforestation projects, actively combating climate change and its impacts

02.14.01 My startup contributes to the Life below water goal

4

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

7 - Strongly Agree

02.15.02 Life on land - Justification for my startup

Radava Mercantile contributes to the goal of protecting terrestrial ecosystems and biodiversity through several key initiatives. The company promotes sustainable land use practices among smallholder farmers, emphasizing soil conservation and biodiversity-friendly farming techniques. By integrating these practices into its agricultural operations and agro-commodity exchange, Radava Mercantile helps preserve and restore ecosystems. The company also supports reforestation efforts and participates in community-led conservation projects to combat desertification and land degradation. Through these efforts, Radava Mercantile aims to contribute to the sustainable management of forests, protect terrestrial ecosystems, and halt biodiversity loss

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

4

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

We have partnered with several local and global organizations to achieve our collective effort. Specifically, we work with farmers cooperatives, women and youth groups, the Warehouse Receipt System Council, International Finance Corporation, USAID, Young African Leadership Initiative (YALI), Allan n Gill Gray Philanthopies (AGGP), and the European Commission to improve the livelihood of smallholder farmers in Sub-Saharan Africa

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

06.02 The product/service represents an entirely new type of product/service.

4

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

4

06.05 The product/service could be described as an extension of a range of products or services.

3

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

4

06.07 The product/service is a new version of an old product/service.

3

06.08 Justification for my startup

06.09 Competitive Analysis

consistently

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, Radava actively promotes the role of female entrepreneurs within our community by: 1. Mentorship 2. Workshops & training 3. Advocacy and Awarenes