Nigerian agri-tech startup Farmcrowdy, recently raised additional seed funding of US$1 million as it prepares to broaden its offering.
Formed in 2016, Farmcrowdy connects small scale farmers across Nigeria with access to finance sourced from individuals and corporates via its online platform, and has so far empowered over 12,000 farmers across 14 states.
The startup, which raised a US$1 million seed round in December 2017, 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.
Farmcrowdy will use the investment to continue building its platform whilst expanding across Nigeria to cover 50 per cent of all 36 states in the country over the next 12 months.
It has also announced the launch of the Farmcrowdy Group, which will support the startup’s mandate of building agri-tech solutions that enable the achievement of 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.