Farmcrowdy Raises Additional $1 Million Seed Fund
Nigeria’s digital agriculture platform which allows Nigerians to invest in agriculture, Farmcrowdy on Thursday announced that it has closed on additional seed funding of $1 million, about 360 million naira. This follows on from the company’s initial investments of $1 million in 2017.
A statement from the company said international investors Cox Enterprises and Techstars, along with local investor Ajayi Solutions participated in the investment round as the startup prepares for an upcoming Series A fundraise later in 2019.
It said Farmcrowdy will use the investment to continue building their business, whilst expanding across Nigeria to cover 50% of all 36 states in the country over the next 12 months.
Speaking on the fund raising, Founder and CEO of Farmcrowdy, Onyeka Akuma said: “Today’s announcement of this additional funding, marks another milestone for us as we amplify our presence in the country and explore new opportunities.
“We are delving into the possibility of utilising drone services for field analysis, improving our farmers yield with additional research and 3D mapping, as well as entering into formidable strategic partnerships that will grow the impact of our work. We’re continually grateful that we have a group of investors who share and support our vision as much as we do. It is a great source of motivation for the entire team as we look to the next phase of growth as a company.”
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