Nigeria’s ThriveAgric Raises USD 56.4 Mn Debt Funding

Nigerian agritech startup ThriveAgric has raised USD 56.4 Mn in debt funding from local commercial banks and institutional investors to grow its 200,000-strong farmer base and expand into new African markets, including Ghana, Zambia, and Kenya. The USD 56.4 Mn in debt funding also includes a co-investment grant of USD 1.75 Mn from the USAID-funded West Africa Trade & Investment.

ThriveAgric empowers farmers in Nigeria to sell their products to FMCGs and food processors, leveraging its proprietary technology to access finance as well as improve productivity and sales to promote food security. The technology, an agricultural operating system, works entirely offline, dispatches USSD to farmers, and powers Android apps used by field agents to help digitally collate creditworthy farmers and gather relevant farm data.