FinTech startup Avenews-GT raised $3 million funds from XT Hi-Tech

By Leandra Monteiro

Tel Aviv-based Avenews-GT, a digital agricultural trading platform, today announced a $3 million series seed fund raise from global holding group, XT Hi-Tech.

“The streamlining and promotion of agriculture today are a central focus of global attention as we work to solve the problem of food insecurity for billions of people. Increasing access to farmers mostly in developing countries for supply chain digitization, credit and other banking services through Avenews-GT’s fintech platform will advance this goal, and we are excited to take part in this important effort,” said XT Hi-Tech Chairman Udi Angel. “I am proud that Avenews-GT has chosen us as partners to enhance the often-underserved business sector of farming.”

Avenews-GT a FinTech was founded in 2017 by Shalom Ben-O, Ishai Ben-Or, and Ismail Kharoub. The company connects financial institutions and agri-businesses through a digital infrastructure that is blockchain capable and directly links trade activity with financial services.

“As someone who grew up in an agricultural community, I know first-hand the challenges farmers face when trying to connect with buyers in an increasingly digital world,” said CEO Shalom Ben-Or. “At Avenews-GT, we offer clients a way to manage their business and trade operations through a single, paperless system that can track their sales and contracts, and open access to financial institutions.”

Currently, the FinTech startup Avenews-GT works in collaboration with banking groups on the African continent, where agriculture accounts for about a third of gross domestic product.

XT Hi-Tech was established in 1997 as the venture arm of XT Holdings, a global holding group. XT Hi-Tech invests in Israeli technology start-ups in various fields and to date completed more than 80 investments generating superior return throughout the years.