Digital Agriculture platform, Farmcrowdy, recently secured an additional seed funding of $1 million. The Agricultural company on Thursday, March 21, 2019, made this known, following its initial investment of $1 million in 2017.
The Startup sets to prepare for an upcoming Series A fundraising later in the year, but it had participation from Cox Enterprises and Techstars, both foreign investors and Ajayi Solutions, a local investor.
“Today’s announcement of this additional fundings marks another milestone for us, as we amplify our presence in the country and explore new opportunities. We are delving into the possibility of utilizing 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”, Onyeka Akumah, Founder and CEO of Farmcrowdy remarked
The CEO further expressed delight in the participation of the group of investors that share and support the vision of the company because this has served as a great source of motivation for the entire team, as it looks to the next phase of growth as a company.
While embarking on its continued expansion across the country in the next 12 months, Farmcrowdy would invest the funds in creating more space for its model. The company also launched the Farmcrowdy Group, an initiative which will assist the mandate of Startups to design Agritech solutions. The solutions built, would enhance the realization of food security on the African continent.
In a bid to improve the management of Farmcrowdy’s farmers and farm operations, the Startup has also launched the Farmcrowdy TFS App, available to its Technical Field Specialists, which will aid in better profiling farmers, managing inventory, as well as, data collection and analysis from existing farmers.
“Techstars has been deeply impressed by Farmcrowdy’s mission to end poverty in Africa, one farmer at a time, since we first invested in the company in 2017, as part of Techstars Atlanta in partnership with Cox Enterprises. We are excited about the continued growth of the Farmcrowdy platform and thrilled to continue our support of the business, with the most recent financing”, Cody Simms, a Partner at Techstars remarked
Farmcrowdy is a pioneer digital Agriculture platform in Nigeria, having a team of 50, since 2016. The Startup has empowered more than 12,000 farmers across 14 states in the country. With over 35,000 farm units sold till date, the platform has reared close to 2,000, 000 broiler birds and cultivated not less than 16,000 acres of farmland.
Haven secured support for farmers within Nigeria and from the diaspora, Farmcrowdy is effectively growing a community model that is set to continue the empowerment of local farmers, thus, facilitating food production in Nigeria and subsequently, across Africa.
For almost two and a half years, Farmcrowdy continued to inspire a renewed interest in farming across generations. In order to better serve the Startup’s existing farm sponsors and attract new sponsors to the platform, the Startup is in the process of upgrading the Farmcrowdy app, to optimize user experience, which currently has 90,000+ users and farm followers.
Farmcrowdy’s vision is to be the foremost Digital Agriculture platform in Africa, with a desire to get admired for its impact on collaborative food production and boosting food security across the continent.
According to the Agric platform, achieving these goals will go a long way in improving the economies of rural farm localities and strengthening food security across Africa.