Agri-tech startup Farmcrowdy has successfully managed to raise an additional $1 million in funding. Funds that will go a long way in the Nigeria-based startup to broaden its offering.
Founded in 2016, the startup endeavors to connect smallholder farmers across Nigeria with financing from individuals and corporates. The matching of a small-holder farmer and a financier takes place via an online platform.
Farmcrowdy prides itself of having financed at least 12,000 farmers across 14 states in Nigeria. The startup first made international headlines in December 2017 after closing a $1 million seed funding round.
This latest and additional $1 million seed funding round roped in international investors like Techstars and Cox Enterprises. There were some local investors as well, such as Ajayi Solutions.
Farmcrowdy, with two $1 million funding round each, is gearing up for Series A funding round. The startup will use the monies in building up its platform and expand its services to at least 50% of the entire 36 states in Nigeria within the next year.
The startup has also announced the new Farmcrowdy Group. A vehicle it will use to support its mandate of building up …read more