Nigerian agritech startup, EZFarming, has received $150,000 from San Francisco-based accelerator, 500 Startups having participated in its four-month-long programme.
Coming out of 500 Startups as the only Nigerian startup in the 25th batch, EZFarming now has extra funds at its disposal.
EZFarming is a marketplace that helps farmers finance their business. It does this through micro-loans and ease of access to produce buyers worldwide.
For every startup that participates in 500 Startups, they get to exchange 6% equity for funding, mentorship and hands-on training. But it won’t matter much as the new funding from 500 Startups will allow EZFarming to continue innovating while also expanding its operation size.
The fund from 500 Startups is also coming on the heels of a first-place finish at a competition hosted by Georgetown African Business Conference earlier in the year.
EZFarming is founded by Cambridge University-trained Nigerian agricultural economist, Dr Adewale Oparinde.
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Nigerian startups raised $55.4m in Q1 2020; over 99% of which came from foreign sources. Find out more when you download the full report.