Farmcrowdy raises US$ 1 Million funding round.
Frankfurt (Germany) and Lagos (Nigeria), March 2019. GreenTec Capital is pleased to report that Farmcrowdy has raised an additional $US 1 million in funding. The Nigerian agritech company empowers small holder farmers by connecting them with farm-sponsors through its digital platform. The company will use the additional funding to expand operations into 20 Nigerian states, as well as, to support development of new solutions for farmers and new product offerings.
Farmcrowdy launched in 2016 and has grown steadily in Nigeria impacting more than over 12,000 farmers across 14 states and raising impressing amounts of farm sponsorships through its digital platform. The company has now secured additional funding from international investors Cox Enterprises and Techstars, along with local investor Ajayi Solutions. The round comes as Farmcrowdy readies itself for an upcoming Series A round. The company expects to be active in 50% of Nigeria’s 36 states by 2020 and recently announced the launch of the Farmcrowdy Group, which is dedicated to fulfilling the company’s mandate to develop technological solutions to achieve food security in Africa.
“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 utilizing 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.
Farmcrowdy recently launched the Farmcrowdy TFS App, available to its Technical Field Specialists to help improve the management of Farmcrowdy’s farmers and farm operations by enabling field data collection for farmers profiling, inventory management, as well as data collection and analysis from existing farmers.
GreenTec is very pleased to see Farmcrowdy succeed in raising funding to expand its impact and demonstrating the potential of African agrictech solutions to solve development problems and generate profits.