Nigerian Agritech Farmcrowdy Secures Additional USD 1 Mn in Debt and Equity Financing
Nigerian digital agriculture platform Farmcrowdy has raised an additional USD 1 Mn seed funding from Cox Enterprises, Techstars, and Ajayi Solutions. Out of the funding raised, USD 500k was in the form of debt financing.
The Lagos-based agri-tech revealed that said it would use the additional investment to continue growing their platform at the same time expand their market across Nigeria to cover 50 percent of all 36 states in the country over the next 12 months.
It has also made known that it is preparing for a Series A fundraiser later in 2019.
Onyeka Akumah, Founder and CEO of Farmcrowdy says “Today’s announcement of this additional funding, marks another milestone for us as we amplify our presence in the country and explore new opportunities. We are delving into the possibility of utilising drone services for field analysis, improving our farmers yield with additional research and 3D mapping, as well as entering into formidable strategic partnerships that will grow the impact of our work. We’re continually grateful that we have a group of investors who share and support our vision as much as we do. It is a great source of motivation for the entire team as we look to the next phase of growth as a company.”
Cody Simms, a Partner at Techstars who did a follow-on investment in this round of funding after their previous investment, said, “Techstars has been deeply impressed by Farmcrowdy’s mission to end poverty in Africa one farmer at a time since we first invested in the company in 2017 as part of Techstars Atlanta in partnership with Cox Enterprises. We are excited about the continued growth of the Farmcrowdy platform and thrilled to continue our support of the business with the most recent financing.”
The company has also announced the launch of the Farmcrowdy Group, which will support the startup’s mandate of building agri-tech solutions that enable the achievement of food security on the continent of Africa.
In an attempt to manage Farmcrowdy farmers’ and farm operations better, the startup has also launched the Farmcrowdy TFS App, available to its Technical Field Specialists that will aid in better profiling farmers, managing inventory, as well as data collection and analysis from existing farmers.