Nigerian digital and crowd-funded agriculture platform, FarmCrowdy has announced raising $1m seed fund, barely a year after it launched, from Techstars and other international investors.
You will remember that FarmCrowdy was the first and only African startup to be shortlisted into Techstars Atlanta’s accelerator programme in August. So it comes as so surprise that the managing directors of Techstars Atlanta, Tyler Scriven and Michael Cohn are also angel investors in the new seed round.
Founded by Onyeka Akumah (CEO), FarmCrowdy enables working class Nigerians to crowd-sponsor farming projects with the promise of a share in the returns. They can do this via the online platform or a recently launched app.
Suggested Read: The rise of the internet farmers.
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 it’s platform to learn about the opportunities in Agriculture and partner with farmers.”
So far, the startup claims to have recorded over 1,000 unique farm sponsors — from Nigerians in Nigeria, the US and UK — an aggregated a combined 4,000 acres of farmland across 8 states in Nigeria and worked with more than 2,000 small scale farmers.
It will be interesting to observe what 2018 holds for Onyeka and his team.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.