Farmcrowdy has secured an additional $1 million seed funding from international investors, Cox Enterprises and Techstars, along with local investor Ajayi Solutions.
The round comes as the agri-tech company readies itself for an upcoming Series A fundraising later in the year.
How the fund will be explored
In a statement obtained by Nairametrics, it was learnt that Farmcrowdy will use the investment to continue building their award-winning model, whilst expanding across Nigeria to cover 50 per cent of all 36 states in the country over the next 12 months.
Speaking on the secured fund, Onyeka Akumah, Founder and CEO of Farmcrowdy, said it is a laudable movement by the agri-tech startup.
“Today’s announcement of this additional funding, marks another milestone for us as we amplify our presence in the country and explore new opportunities. We are delving into the possibility of utilising drone services for field analysis, improving our farmers yield with additional research and 3D mapping, as well as entering into formidable strategic partnerships that will grow the impact of our work. We’re continually grateful that we have a group of investors who share and support our vision as much as we do. It is a great source of motivation for the entire team as we look to the next phase of growth as a company.”
What will interest you about Farmcrowdy
Having pioneered digital agriculture in Nigeria since 2016 and with a team of 50, Farmcrowdy has empowered over 12,000 farmers across 14 states in Nigeria, reared close to 2,000,000 broiler birds as part of its poultry farm cycles and cultivated over 16,000 acres of farmland with over 35,000 farm units sold to date.
With farm sponsors in Nigeria and across the diaspora, Farmcrowdy is effectively growing a community model that is set to continue the empowerment of local farmers and facilitate food production in Nigeria and eventually across Africa.