Nigerian digital crowd-funded agriculture platform, FarmCrowdy, just raised an additional seed round of $1 million. The new seed injection brings the startup’s total seed investment to $2 million. This in addition to its last seed investment of $1 million in December 2017.
According to a reliable source, the additional investment came from international investors, Cox Enterprises and Techstars, along with a local investor, Ajayi Solutions.
Since its launch in 2016, Farmcrowdy has empowered over 11,000 small scale-farmers across Nigeria. As Nigeria’s first digital agriculture platform, it empowers rural farmers by providing them with improved seeds and farm inputs. The company also trains farmers on modern farming techniques and provides a market for the sale of their farm produce.
With the additional investment, the startup looks to continue building its platform while expanding across Nigeria to cover 18 of the 36 states in the country over the next 12 months.
In view of this, FarmCrowdy CEO, Onyeka Akumah hinted about utilizing drone services and 3D mapping for field analysis. He believes the new effort which is research-driven, will improve their farmers’ yields.
They also announced the launch of the Farmcrowdy Group. This will support the startup’s mission of building agri-tech solutions that enable the achievement of food security in Africa.
In the same light, the startup equally launched the Farmcrowdy TFS App to improve the management of its farmers and farm operations.
Within the space of two years, this company has achieved huge investments, including the $325,000 grant from GSMA Ecosystem Accelerator Innovation Fund last year. A such, it is very likely that they are positioning for an upcoming Series A round.