Barely a year after Nigeria’s digital agricultural platform, FarmCrowdy, was set up, it has successfully raised $1million from Techstars and a consortium of foreign investors.
Founded by Onyeka Akumah a year ago, Farmcrowdy’s digital platform connects investors to farmers through sponsorship packages to fund higher yields for a share of the returns.
FarmCrowdy was the only African start up to be accepted into Techstar’s accelerator programme in Atlanta in August this year. It is no surprise that Techstars are now core investors in this start up.
A statement from the company said “the seed fund will allow the award-winning startup to scale its operations with plans to expand into a combined 20 states in Nigeria, work with 4,000 additional small-scale farmers and engage a combined 20,000 new farm followers and farm sponsors on it’s platform to learn about the opportunities in Agriculture and partner with farmers.”
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The start up claims to have facilitated over 1000 projects from Nigerians both at home and in the Diaspora. It has also worked with more than 2000 small scale farmers.