Farmcrowdy

Country: Nigeria Flag of the Federal Republic of Nigeria

Investments in next 12-24 months:

$900,000 USD

Farmcrowdy is Nigeria’s first Digital Agriculture Platform focused on connecting farm sponsors with real farmers in order to increase food production while promoting youth participation in Agriculture.

Investment check

Impact

 

Cleantech      
Profitability   
 
Scalability

Quick facts

Country / region 
Nigeria, West Africa  
Started 2016  
Status Commercially Available  
Business Areas Agri-Technology  

Elevator pitch

Farmcrowdy is Nigeria’s first Digital Agriculture Platform focused on connecting farm sponsors with real farmers in order to increase food production while promoting youth participation in Agriculture.Rural farmers

Problem and solution

Nigeria has the highest farm output in Africa and is among the world’s top-ten highest producing agricultural economies. Approximately one third of Nigeria’s workforce is employed in the agricultural sector and close to 87% of its population engage in agriculture as an economic activity. Despite the high output, Nigeria struggles to meet its own subsistence needs and relies upon imports to satisfy demand. Nigeria’s agricultural sector suffers extremely low productivity, due to reliance upon age-old farming techniques and farmers’ limited access to financing. Only 2.5% of Nigeria’s smallholder farmers have access to financing or credit, limiting their ability to expand or improve their farms. Even farmers who can access credit are limited by problems with timely loan disbursement and very high interest rates. Furthermore, there is no platform for agricultural investment and no easy means to connect farmers to markets. Farmcrowdy provides Nigeria’s smallholder farmers with an alternative means to acquire financing to expand or improve their farms by providing them with access to micro-insurance, investors, and buyers. Farmcrowdy’s platform allows potential investors to find farms or crops to invest in and provides them with real-time updates to follow their investments to fruition. Farmcrowdy has a ready market for all supported farm projects and typically presents farm investors with a 15-24% return on investment in 4-12 months.

Target Market and target users

Farmcrowdy’s target market are the 75 million smallholder farmers needing financing to improve their farms and investors interested in Nigeria’s agricultural sector.

Business model

Farmcrowdy connects farmers to investors and buyers in Nigeria’s agricultural value chain through its digital platform. Farmcrowdy plans to expand quickly into the national markets of Kenya, Uganda, Angola, Ghana, and Tanzania within the next two years, as well as expand and commercialize its value chain. Farmcrowdy works to improve the livelihoods of smallholder farmers, by providing them with access to micro-insurance, financing and credit, and buyers thus proving a way to improve their farms and financial outcomes.

Results and targets

  2016 (Sept-Dec) 2017
Smallholder farmers recruited 202 10,000+*
Hectares of farmland secured 508 10,000+*
Farm Sponsors 110 10,000+*
Farm followers 1,550 100,000*
Countries 1 3*
Sponsorship revenues generated $85,360  

 

Team

Farmcrowdy teamMr. Onyeka Akumah - Founder & CEO

Mr. Akindele Phillips - Vice President, Finance

Mr. Jimoh Maiyegun - Vice President, Technology

Mr. Ifeanyi Anazodo - Vice President, Operations

Miss Tope Omotolani - Vice President, Farm Products Development

Support by GreenTec Capital

Financing/ Funding
Strategic business consulting  
Corporate Intelligence/ 
Local Services
   
Impact Assessment    

 

Farmcrowdy benefits from GreenTec Capital’s experience in fundraising, concept development, and business development. GreenTec’s focus will be to assist Farmcrowdy develop its innovative digital agricultural platform and prepare to scale in other African national markets.