Farmcrowdy announces close of $1 Million US funding round.

on 19 December 2017

Lagos (Nigeria), December 2017. GreenTec Capital Partners are very happy to share that our Nigerian investee, Farmcrowdy, has announced in a press release that it has successfully closed a funding round of $1 US Million from a consortium of investors including Cox Ventures, Techstars, Social Capital and others joining early investors Niche Capital and GreenTec.

Erick Yong visiting with the Farmcrowdy team in Lagos, Nigeria
Erick Yong visiting with the Farmcrowdy team in Lagos, Nigeria

The raised funds demonstrate the value and impact potential of innovations focused on the African agricultural segment. More than 80% of the population of Sub-Saharan Africa engage in agriculture as an economic activity, yet many African countries suffer from issues of food security. Innovative models like Farmcrowdy’s have great potential to create new markets, increase food production, and improve rural and youth employment prospects. Farmcrowdy represents the value that GreenTec sees in the rapidly evolving African tech sector: local technological solutions to local problems with an impactful scalable model. Farmcrowdy leverages ideas of crowdfunding to expand financial access for smallholder farmers and improves employment opportunities for Nigeria’s youth and rurally living people.

Farmcrowdy has had an excellent first year of operations with highlights including the company participating in the Techstars Atlanta accelerator program, CEO Onyeka Akumah being accepted into the Westerwelle Foundation’s Young Founders Programme, earning more than $1.5 million US in revenues from farm sponsorships, and the successful close of the funding round. The company’s performance has been recognized both Nigerian and International awards including Agro-Innovator of the year at the Nigerian Agriculture Awards, as well as winning Tech start-up of the year, Agric-website of the year, and Tech Founder/CEO of the year at the Nigerian Technology Awards and Tope Omotolani, VP of Operations was named best Female Entrepreneur at the African Rethink Awards in Abidjan. Farmcrowdy has also launched its mobile app for farm sponsors on both the Google Play and Apple app stores with more than 5,000 downloads. 

GreenTec is very proud of Farmcrowdy and its team and all of their hard work in 2017. We look forward to reporting more on the company’s growth and success in the new year as the company continues to grow in Nigeria. Congratulations to Farmcrowdy CEO Onyeka Akumah and his team!