Farmcrowdy exits Crowdfunding space

Farmcrowdy has announced its exit from the crowdfunding space, as Crowdyvest exits EMFATO Holdings, its parent company.

This was disclosed by EMFATO, which owns Farmcrowdy and invests in Plentywaka, in a statement issued and seen by Nairametrics on Wednesday.

It stated that the development is a follow up to Crowdyvest’s new investments into the startup to grow as a digital savings company in Nigeria.

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Onyeka Akumah explained that the change in leadership will not affect the management and staff of Crowdyvest as they will all be retained but there will be a new way Crowdyvest will operate.

He said, “The one-year-old startup will set its sights on becoming a leading digital wealth and savings management company focused on a closed-community savings model under Tope Omotolani’s leadership.

“I have taken this decision to move on as the CEO of Crowdyvest as a result of the new investment in the company which provides opportunities for proper scale in the coming months.

“Now, I can focus my energy on leading Farmcrowdy and Plentywaka as CEO of both companies into new markets in 2021. Tope is a strong and amazing leader and I see her leading Crowdyvest to become one of the go-to wealth management and digital savings companies in Nigeria within the next 3-5 years with her team.”

What this means

With this change, Crowdyvest will no longer be an open crowdfunding platform. An all new Crowdyvest led by Temitope Omotolani will enter the Fintech industry fully with the launch of the Crowdyvest Savings Platform which gives savings options to over 10,000 subscribed users.

What you should know

• Launched just over a year ago, Crowdyvest has over 10,000 members who have used opportunities on its platform to sponsor projects in Agriculture, Real Estate, Transportation, Health and Education sectors.
• The company was previously led by its Co-founder & CEO, Onyeka Akumah but today, along with the new investment, there is a change in its management with Tope Omotolani to become its new boss.
• Farmcrowdy is a global Agritech company focused on helping stakeholders in the food value chain maximize their output and increase their profits with technology.