Winich Farms, a Nigerian Agtech startup making the supply chain of farm produce seamless for all stakeholders, has secured $3 million in pre-series A funding to enhance its technology and optimize its operations.
According to the startup, the round is a mix of $2.5 million equity and $590,000 debt.The equity funding of $2.5 million came from Acumen Resilient Agriculture Fund (a East and West Africa focused impact venture capital fund ), Climate Resilient Africa Fund, Marula Square, Plug and Play, and Tekedia Capita.
Lagos-based Sahel Capital supplied the $590,000 debt funding.
Commenting on the funding, Richies Attai, CEO and co-founder, said Winich Farms is more than just a profit oriented business, but a cause at heart improving the lives of smallholder farmers, informal processors, and retailers.
“This investment will help us improve our technology platform to make it easier for farmers to use. We’ll also use data to help farmers get access to loans and insurance, which will boost their productivity. This will support our growth plans.”
Also speaking on the funding, Tamer El-Raghy, Managing Director of Acumen Resilient Agriculture Fund (ARAF), said “Supporting Winich is in line with our mission at ARAF to help local businesses that work with small-scale farmers. We want to help these farmers produce more, improve their lives, and ensure there’s enough food for everyone.”
What does Winich Farms do?
Since launching in 2020, Winich Farms has built an ecosystem of more than 150,000 users, including farmers, off-takers (small businesses and factories), logistics partners, and collection points agents. The company provides off-takers with inventory management tools that help them order and manage raw materials from farmers across Nigeria.
This is possible through the thousands of farm produce collection points that Winich farms has accumulated across 30 out of the 36 states in Nigeria.
Winich Farms is also helping smallholder farmers, who don’t have immediate access to the financial system, build their credit worthiness, by tracking and ranking their earnings over time and then connecting them to its financial institution partners.
It recently launched a debit card in partnership with Sterling Bank, allowing farmers to save their funds in the bank with the certainty that they could get it whenever they want.
Agtech short for agricultural technology is a rapidly growing field that has the potential to revolutionize the way we produce food and address global challenges like food security and climate change.
Smallholder farmers face multiple bottlenecks along the value chain, limiting their productivity and access to markets, which in turn hinders their income potential and growth.
Winich’s technology not only connects rural farmers directly to buyers, it also connects them to financial products, towards providing them with access financing to facilitate increased production capacity.
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Blessed is a dedicated grants and business funding researcher with a keen eye for uncovering opportunities. With a background in digital marketing and social media management, she brings a unique perspective to her work. Blessed is passionate about helping individuals and businesses secure the funding they need to achieve their goals. Her expertise and dedication make her a valuable resource for anyone seeking financial support.