Nigeria Agro-tech startup, Farmcrowdy has disclosed that it has secured an additional $1m seed funding from Cox Enterprises and Techstars, along with a local investor, Ajayi Solutions.
According to a blog post that made the announcement, Farmcrowdy will use this investment to continue building their award-winning model, whilst expanding across Nigeria to cover 50% of all 36 states in the country over the next 12 months.
Since inception in 2016, Farmcrowdy has gone on to empower over 12,000 farmers across 13 states in Nigeria; reared close to 2,000,000 birds, cultivated 16,000+ acres of farmland with over 35,000 farm units sold.
Farmcrowdy raised its first $1 million in seed funding from investors in 2017 after being shortlisted as the only African startup in the Techstars Atlanta Accelerator Programme, 2017 batch.
Following the newly secured funds, Farmcrody also announced the Farmcrowdy Technical Field Specialist (TFS) App which will aid in profiling farmers better, managing inventory, as well as data collection and analysis for existing farmers.
New Blog Post We are Excited to Launch The Farmcrowdy Group With Additional $1m in Seed Funding Today https://t.co/dWDGf2hqlo
— Farmcrowdy (@farmcrowdy) March 21, 2019
“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,” said Onyeka Akumah, founder and chief executive officer (CEO) of Farmcrowdy.
“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.”
Cody Simms is a partner at Techstars, which did a follow-on investment in this round said his company was had been deeply impressed by Farmcrowdy’s mission to end poverty in Africa one farmer at a time since it first invested in the company in 2017 as part of Techstars Atlanta.
“We are excited about the continued growth of the Farmcrowdy platform and thrilled to continue our support of the business with the most recent financing,” Simms said.
