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Agritech Startup, Farmcrowdy, Closes $1 Million in Seed Funding

If there’s one startup that doesn’t seem to shy away from opportunities, it’s Nigeria’s first digital agricultural platform, FarmCrowdy. The agritech startup was in the news recently celebrating a year in operation and the launch of their new service, a mobile app to allow sponsors greater involvement with their investments. Well, they are back again in headlines this time after securing $1 million in seed funding from international and local investors.

FarmCrowdy is a Nigerian startup that is revolutionising agriculture in Nigeria. With just over a year in existence and operations, the startup has very well disrupted what venturing into and sponsoring agriculture mean for thousands of people. Since inception, FarmCrowdy is one startup that has shown great promise and proven it is capable of big things. The company has “aggregated a combined 4,000 acres of farmland across 8 states in Nigeria and worked with 2000 small scale farmers.”  As an agritech firm, they are certainly blazing a rather nice trail through relatively uncharted territory.

agritech

The vision of the company seems to be drawing more and more believers as the company makes one leap after the other. Recently, they were named the “Tech Startup of the Year” and “Agric-Tech Company/Platform of the Year” during the Nigeria Technology Awards 2017 and the list of awards just keep increasing. They also went through Techstars Atlanta’s accelerator programme as the only African startup selected for this year’s class.

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In the agritech company’s latest triumph, they have managed to raise $1 million in seed funding. This they got from investors including Cox Enterprises, Techstars Ventures, Social Capital, Hallett Capital and Right-Side Capital. Also included in the list are angel investors Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV and Dr. Christof Walter.

The seed fund will allow the agritech startup to scale its operations with plans to expand into a combined 20 states in Nigeria, work with 4,000 additional small-scale farmers and engage a combined 20,000 new farm followers and sponsors. Speaking on the announcement, Mr. Onyeka Akumah, CEO and Co-Founder of Farmcrowdy says,

“Today’s seed announcement is a remarkable milestone for us and Nigeria’s Agritech Industry as a whole-especially having just celebrated our first year of operations in November 2017. It will allow us to build on our earlier traction as we continue to introduce Nigerians to this exciting new category of partnering with farmers for impact and return… We are thrilled that as a Nigerian startup operating for just over a year, we have a group of investors who share in the vision and mission of FarmCrowdy as much as we do”

FarmCrowdy has also proved itself to be a company of much merit. Aside all the awards which the company seems to be raking in from all directions, the agritech company has also demonstrated their ability to deliver on their services. In their wake, they leave behind an almost unending number of satisfied clients. Their recently launched app is also very clean, easy to use and reliable with over 5,000 downloads in the 3 weeks since its release. We are certainly excited about this investment for their scale of operations and those who will be working with them.

SEE ALSO |  Applications are Invited for the 3rd Edition of AFIDBA Program, Win €15,000

It truly is a remarkable thing that a startup as young as FarmCrowdy is doing such big things and delivering on the promise of good things to come. It also proves that there are investors out there willing to fund very good ideas. The story of FarmCrowdy is one that we are keeping our fingers crossed on. At any rate, we wish you all the best and keep our fingers crossed for more excellent news.


Do you have any African tech tip or news article for publication, send it to editor@thespiritedhub.com.

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NEWS

Anzisha Prize: Nominate A Young Entrepreneur for A Share of US$100K

The Anzisha Prize team calls for nomination to the 2021 Top 20 Anzisha Prize Fellows. This invitation to nominate the top entrepreneurial talents from all African countries is for persons between the ages of 15 and 22 who will receive financial and networking support they need to succeed.

Anzisha Prize

This is a competition not awarded for great ideas or business plans but rather, one to recognize young entrepreneurs who are operating for-profit and non-profit ventures which do well to demonstrate ingenuity, scalability and have a social impact.

The Anzisha Prize team says, your nomination is a vital endorsement that recognises their great works. Annually, 20 leading youth entrepreneurs are selected to become Anzisha Prize Fellows.

The Anzisha Prize so far is the biggest award for young African entrepreneurs between 15 and 22, and over US$100,000 each year is given in prize money to these young entrepreneurs from across the continent.

What are the criteria for the Azisha prize?

  • Your nominee should be between the ages of 15 and 22
  • Do they run a business venture which is already delivering value to customers?
  • Is your nominee involved in the strategy and operations of the venture?
  • Is the business already having a social impact?
  • Is the business earning a revenue, or reaching beneficiaries with the potential to realize more growth (both ‘for-profit businesses’ or ‘not-for-profit’ ventures qualify).
SEE ALSO |  Applications are Invited for the 3rd Edition of AFIDBA Program, Win €15,000

Alaa Moatamed of Egypt won the 2020 Anzisha grand prize and also the first Egyptian female to do so. Her business is Presto, which is an automated delivery system that is connecting vendors with their customers and suppliers.

After nominating, so what?

amanda jojo, founder of The Trea Garden

Your nominees for the Prize still need to submit an application because your nomination is an endorsement, a recommendation letter on behalf of the candidate.

Candidates then submit an application that gives full information about their business, enabling them to be evaluated for participation in the fellowship.

The nominee receives an email letting them know that they have been nominated, and also a reminder to apply for the prize once applications are open.

Itching to help find the next top 20 Anzisha prize winners? NOMINATE HERE.

The Anzisha Prize is a partnership between the Mastercard Foundation and Africa Leadership Academy


Have you recently launched your startup, raised funding or any news about your company or organization? Email your story to editor@thespiritedhub.com.

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