Connect with us
nairametrics

Business News

Nigerian agric-tech startup, EZ Farming clinches $150,000 seed funding 

EZ Farming is the latest agricultural technology startup to benefit from a $150,000 seed funding from 500 startups,

Published

on

Nigerian agric-tech startup, EZ Farming clinches $150,000 seed funding

EZ Farming is the latest agricultural technology startup to benefit from a $150,000 seed funding from 500 Startups, a San Francisco-based accelerator after a four-month programme.

EZ Farming is a marketplace that enables farmers to fund their businesses through the provision of micro-loans and ease of access to produce buyers across the world.

Startup terms: Successful startups that participate in the accelerator must exchange a 6% equity for funding, mentorship and hands-on training. Plus, they also charge a $37.5k fee for participating in the 500 Seed Programme. However, the fun side of this funding is that all startups and entrepreneurs from everywhere can apply.

EZ’s success in acquiring this investment came as a result of its first-place finish in a competition hosted by Georgetown African Business Conference earlier in the year.

About 500 Startups: 500 Startups is a global venture capital firm with a network of startup programmes headquartered in Silicon Valley with over $454 million in committed capital across 4 main funds and 15 thematic funds. It is known as the most renowned accelerator programmes in the world and has increasingly opened to African startups in recent years, with Kenya’s CardPlanet – now PayKind – and Egypt’s ElWafeyat making it into Batch 11, and South Africa’s SweepSouth and Ghana’s Kudobuzz making it into Batch 14.

GTBank 728 x 90

Nigerian startups have been popular in recent programmes, with the likes of Printivo, Aella Credit, Talentbase and Podozi receiving the backing of 500 Startups.

[READ ALSO: If this doesn’t encourage you to start investing today, nothing ever will!]

About EZ Farming: EZ Farming is a marketplace that connects smallholder farmers to microlenders and produces buyers globally to empower them to scale small farms into commercial sizes and equip with the next generation of farmers. Since launching, EZ Farming has worked with more than 600 microlenders to invest over $600 thousand in more than 120 verified and trusted farmers who are scaling fast to become commercial farmers.

Coronation ads

EZ Farming is supported by leading agricultural research institutions, world-renowned agricultural experts and leading investors including 500 Startups in San Francisco, Young African Professionals in Washington DC, International Institute of Tropical Agriculture in Nigeria, Impacthub Lagos and Dr Howarth Bouis, the 2016 World Food Prize Winner.

EZ Farming is a marketplace that enables farmers to fund their businesses through the provision of micro-loans and ease of access to produce buyers across the world.

[READ MORE: Would you stake your money on Roads Nigeria Plc?]

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

WorldRemit and The Nest partner to empower entrepreneurs in Nigeria, 3 others

WorldRemit has partnered with The Nest to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.

Published

on

WorldRemit, a global fintech platform, has partnered Nigeria’s tech innovation hub, The Nest, to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.

This was disclosed by the company via a statement issued on Wednesday, and seen by Nairametrics.

According to the statement, the partnership is to build scalable business models across Africa via the WorldRemit Entrepreneurs Program.

In its quest to go beyond digitalizing payment methods across the globe, strengthen its renewed commitment to creating opportunities, and facilitate development in Africa, WorldRemit will now equip African entrepreneurs with effective skill sets and tools to build, innovate, and scale their businesses.

Country Manager (Nigeria and Ghana), WorldRemit, Gbenga Okejimi, explained that the partnership came right in time for impact, as many small businesses had taken a hit in the course of the tumultuous year.

GTBank 728 x 90

He lauded the efforts of the team at The Nest Hub for their resolve at ensuring continuous education, and enabling a thriving environment for start-ups and small businesses.

He said, “Much of what Africa is today is due to its entrepreneurship, which is a key driver for socio-economic progress through significant job creation and innovation.

“At WorldRemit, we want to be known for fostering the African entrepreneurship spirit. We want to be a part of Africa’s future prosperity. By helping build entrepreneurs across our African markets, we are enabling growth and development.”

Coronation ads

Co-founder, The Nest, Oluwajoba Oloba, explained that the Entrepreneurs Program will serve as a catalyst in building scalable business models across Africa as the continent enters into a new wave of business revolution.

He said, “The entrepreneurs will be equipped with effective skills and tools required to build and scale their businesses. The Nest definitely plays a big role in this important partnership, as the project partner leads the designing of the digital business course, otherwise known as the learning modules, that would be used in training selected entrepreneurs while also mentoring them on innovative ways to manage and scale their businesses.”

He added that beyond training and mentoring, The Nest provides entrepreneurs, creatives, start-ups, and small businesses with dynamic facilities and workspaces.

What you should know

  • The WorldRemit Entrepreneurs Program will run simultaneously in Nigeria, Ghana, Kenya, and Zimbabwe, from November 2020 through January 2021.
  • It is expected to empower 50 aspiring and budding entrepreneurs.

Jaiz bank ads
Continue Reading

Energy

FG says vehicle owners to pay N250,000 to convert from petrol to autogas

FG says owners in the country will have to pay N250,000 to have their cars converted to autogas from petrol.

Published

on

The Federal Government has revealed that vehicle owners in the country will have to pay N250,000 to have their cars converted to autogas from petrol.

This disclosure was made on Wednesday, December 2, 2020, by the Technical Adviser on Gas Business and Policy Implementation to Minister of State for Petroleum, Justice Derefaka, while on Channels Television’s Sunrise Daily, which was monitored by Nairametrics.

While stating that the conversion of vehicles from petrol to autogas will take at least 7 hours at the various conversion centres, Derefaka also pointed out that vehicle owners will have different payment plans to perform the conversion.

What they are saying

Derefaka, who is also the Programme Manager, Nigerian Gas Flare Commercialization Project, said:

The cost varies. So, in terms of cost implication, it depends on the cylinder of the vehicle and of course, for a typical SUV cylinder, it is a bit higher. On the average, it is around N200,000 to N250,000 and this is for a four-cylinder vehicle, but it becomes a little bit higher for a six-cylinder SUV vehicle.”

GTBank 728 x 90

Nairametrics earlier reported that the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, disclosed that the corporation is going to provide free conversion services in some selected NNPC retail filling stations across the country.

Derefaka further explained that there will be different payment plans for making the conversion, adding that vehicle owners can have agreement with commercial banks to get the conversion done.

He also said, “The owner of the car basically will decide to say I want to run on autogas or CNG or LNG and like the Honourable Minister had mentioned as well, conversion basically has different strands, you can partner with your bank and then the bank will now agree with the conversion centre to say ‘Convert this our customer’s car for free.’

Coronation ads

“Not free in its entirety, but you now go and covert your vehicle. What happens is that the installer will put some form of mechanism, that each time you buy the gas; a certain amount will be deducted to pay for the conversion kits.”

While dismissing the notion amongst many Nigerians that the conversion fee is expensive, the ministerial aide noted that payment can be done within 5 to 7 months, in addition to saving up 45-50% cost associated with petrol.

What you should know

  • The Federal Government had on Tuesday launched the autogas scheme, called the National Gas Expansion Programme.
  • The programme involves the conversion of fuel-powered cars and generators from petrol to gas, and is aimed at deepening domestic usage of natural gas in its various forms.
  • The programme is also in line with the Federal Government’s plan to make gas the first choice source of cheaper and cleaner energy. This follows the deregulation of the downstream sector of the oil industry with sharp increases in prices of petrol.
  • The Minister of State for Petroleum Resources said that the availability of Autogas as an alternative fuel option will afford Nigerians cheaper, cleaner and additional choice of fuel. Cheaper than the price of petrol and better for automobile and other engines.

Continue Reading

Financial Services

Conventional insurance firms can now set up their Microinsurance department – NAICOM

NAICOM has issued a circular allowing conventional insurance companies in Nigeria to exploit the huge opportunities in the Microinsurance window.

Published

on

NAICOM

The National Insurance Commission (NAICOM) has issued a circular (NAICOM/DPR/CIR/32/2020) allowing conventional insurance companies in Nigeria to exploit the huge opportunities in the Microinsurance window.

The circular was signed by Akah L M, Director (Policy & Regulations), and disclosed that the requirements for the conventional insurance firms to be granted approval for the window operation includes:

  • The insurer shall seek and obtain approval of the Commission to transact microinsurance business.
  • Board resolution approving the establishment of a microinsurance department.
  • Applicant shall apply for window microinsurance national operation licence.
  • The department shall be headed by an experienced Insurance Officer, not below the rank of an AGM.
  • The Insurance Officer must possess a minimum of 7 years post Associate of Chartered Insurance Institute of Nigeria qualification or a minimum of 10 years working experience in a technical department of an insurance institution.
  • Any window operator shall segregate the financial records of its microinsurance business from that of the conventional business.
  • Appropriate reinsurance arrangement shall be put in place.

(READ MORE: NAICOM gives insurance companies additional one year to recapitalise)

What this means

The microinsurance window presents a gold mine waiting to be tapped by the conventional insurance firms in Nigeria, helping them to achieve critical mass in the market.

GTBank 728 x 90

This would afford opportunities for those in informal sectors, as well as low-income people and households to enjoy insurance products and services that will protect them against unexpected events, that could threaten their livelihood and businesses.

Continue Reading