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Nigerian agritech startup Farmcrowdy raises $1m in additional seed funding
Lagos based agritech startup Farmcrowdy has announced that it has raised $1-million in additional seed funding from Cox Enterprises, Techstars and local investor Ajayi Solutions.
Farmcrowdy connects farm sponsors to farmers in a bid to increase high-quality food production. The startup does this by using sponsors’ funds to secure land, buy implements, and to insure farmers as well as their produce.
In a statement yesterday (21 March) announcing the funding, Farmcrowdy said the investment will finance the startup’s expansion across half of Nigeria’s 36 states over the next 12 months.
Farmcrowdy will use the additional seed funding to expand across half of Nigeria’s 36 states over the next 12 months
In the same statement, Farmcrowdy CEO Onyeka Akumah — who founded the startup in 2016 with CFO Akindele Phillips, COO Tope Omotolani, CTO Jimoh Maiyegun, and vice president for products and data Ifeanyi Anazodo — said Farmcrowdy is “delving” into the possibility of using drone services for field analysis and 3D mapping in a bid to improve farmer yields.
Akumah (pictured above) also said that Farmcrowdy is entering into “formidable strategic partnerships” that will grow the impact of the startup’s 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,” he said.
The startup also announced the launch of the Farmcrowdy Group, which it said was “in line” with its goal to “keep building” agritech solutions that will lead to the achievement of global food security.
Farmcrowdy public relations and online marketing co-ordinator Blessing Chidinma Afemhike today (22 March) told Ventureburn that the startup’s current model — which is focused on core-production — will give birth to other ventures that improve farmers’ yield and provides the startup’s farmers with solutions that will help them become self-sustaining businessmen and women.
Including this latest round, business information platform Crunchbase estimates that Farmcrowdy has raised $2.4-million over four funding rounds.
Since its launch the startup claims to have worked with more than 11 000 farmers across 13 states in Nigeria, helped cultivate over 16 000 acres of farmland, as well as raised close to two million chickens.
In addition, Afemhike said Farmcrowdy — which employs 50 full-time members — has generated close to $9-million in sponsorships to work with farmers in its network.
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Featured image: Farmcrowdy CEO Onyeka Akumah (Facebook)
