Following up on its last seed investment of $1m in December 2017, Nigerian digital crowd-funded agriculture platform, FarmCrowdy has reportedly raised additional seed round of $1m, to bring total seed investment to $2m.
The additional investment came from international investors Cox Enterprises and Techstars, along with local investor Ajayi Solutions.
With the additional investment, FarmCrowdy looks to continue building its platform whilst expanding across Nigeria to cover 18 of the 36 states in the country over the next 12 months.
To begin with, FarmCrowdy CEO, Onyeka Akumah hinted about utilising drone services and 3D mapping for field analysis. He believes the new effort which is research driven will improve their farmers yield.
All investments in FarmCrowdy, including last year’s $325,000 grant from GSMA Ecosystem Accelerator Innovation Fund happened within the space of two years. As such, it is very likely FarmCrowdy is positioning itself for an upcoming Series A round.
Apparently, it has also announced the launch of the Farmcrowdy Group, which will support the startup’s mandate of building agri-tech solutions that enable the achievement of food security in Africa.
In a bid to improve the management of Farmcrowdy’s farmers and farm operations, the startup has also launched the Farmcrowdy TFS App, available to its Technical Field Specialists, which will aid in better profiling farmers and managing inventory, as well as data collection and analysis from existing farmers.
Founded by Onyeka Akumah in 2016, FarmCrowdy connects small scale farmers across Nigeria with access to finance crowd-sourced from individuals and corporates (with the promise of a share in the returns) via its online platform.
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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.