Nigerian Platform Farmcrowdy Raises $1M Seed Funding, Plans Series A Round In 2019

Written by Peter Pedroncelli

Nigerian agritech platform Farmcrowdy, which allows people to invest in agriculture, has closed on $1 million in seed funding.

The company raised $1 million in seed funding in 2017 and plans a Series A round later in 2019, according to a company blog post.

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Farmcrowdy gives Nigerians who would not typically be involved in agriculture the opportunity to sponsor a farm, with the proceeds enabling the farmers to increase their capacity and food production while the sponsors may also make a profit.

The app promotes youth participation in the agricultural sector while providing farmers access to resources that they would not usually be able to afford.

The $1 million investment brings Farmcrowdy’s total funding to $2.4 million since it launched in 2016, according to Crunchbase.

International investors Cox Enterprises and Techstars, along with Nigerian investor Ajayi Solutions participated in this latest round.

Award-winning Farmcrowdy platform

The investment will be used to improve Farmcrowdy’s award-winning platform and expand its service to more than half of Nigeria’s 36 states over the next 12 months, according to Bizcommunity.

The Nigerian startup was named Best Agritech Solution for 2018 at the AppsAfrica Innovation Awards, held in South Africa in November 2018, in recognition of the platform’s innovative app, according to AppsAfrica.

Nigerian agritech startup Farmcrowdy’s founders. Image – farmcrowdy

The agritech startup has empowered more than 12,000 farmers in 14 Nigerian states. Almost 2 million chicken were raised as part of its poultry farm cycles and farmers cultivated more than 16,000 acres of farmland. More than 35,000 farm units have been sold to date, according to blog post.