Nigerian agri-tech startup Farmcrowdy has raised seed financing of $1 million from a gathering of worldwide and local investors enabling the company to cover the entire nation. Farmcrowdy gives Nigerians the chance to take an interest in agriculture by choosing the sort of farms they would like to support. Assets are utilized to secure the land, connect with the agriculturists, plant the seeds, insure produce, finish the full cultivating cycle, offer the harvest to sell, and, after that, compensate the farm sponsor with a return for their sponsorship.
“Today’s seed announcement is a remarkable milestone for us and Nigeria’s agri-tech industry as a whole – especially having just celebrated the anniversary of our first year of operations in November 2017,” said Onyeka Akumah, co-founder and CEO of Farmcrowdy. “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 happy to amplify our work with the farmers across new states in Nigeria while empowering local farmers by hiring more agriculture technology experts to impart knowledge to ensure best practice in farming methods. We’re 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.”
The organization was the main African startup chosen to partake in the Techstars Atlanta 2017 cohort, and has now raised subsidizing from firms including Cox Enterprises, Techstars Ventures, Social Capital, Hallett Capital and Right-Side Capital, in addition to angel investors Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV, and Dr. Christof Walter. The support nets the sponsor 40% of the proceeds from the harvest, while the rancher gets 40% and Farmcrowdy receives the final 20%. Ranch supporters can get between 6-25% profits after reap depending for the farm type they support.
According to the Press Release Techpoint received, “the seed fund will allow the award-winning 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 farm sponsors on its platform to learn about the opportunities in Agriculture and partner with farmers.”
Farmcrowdy recently launched their first mobile application which gives an open platform to agribusiness devotees to experience, learn, cultivate business with genuine ranchers, and acknowledge agriculture directly through consistent updates, pictures, and recordings from the farm. The application is said to have seen nearly 5,000 downloads in the three weeks since release, positioning the startup to go up against more farm adherents and sponsors both locally in Nigeria and worldwide.