FarmCrowdy has announced raising a $1m seed fund from Techstars and other international investors.
Cox Enterprises, Techstars Ventures, Social Capital, Hallett Capital and Right-Side Capital; as well as angel investors Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV and Dr. Christof Walter have invested USD1 million in Farmcrowdy which is Nigeria’s leading digital agriculture platform which allows Nigerians to venture in and sponsor agriculture.
Founded by Onyeka Akumah (CEO), FarmCrowdy enables working class Nigerians to crowd-sponsor farming projects with the promise of a share in the returns. They can do this via the online platform or a recently launched app.
The brainchild of Nigerian serial entrepreneur Onyeka Akumah, Farmcrowdy has to-date recorded close to 1,000 unique farm sponsors from Nigerians in Nigeria, the US and UK. The company has aggregated a combined 4,000 acres of farmland across 8 states in Nigeria and worked with more than 2,000 small-scale farmers. Having raised over 250,000 organic chickens on its poultry farm cycles, Farmcrowdy continues to disrupt the agriculture sector through partnering with Nigerians locally and globally to build a community model for the empowerment of local farmers, and the boosting and production of food for Nigerians, while impacting positively on the lives of farmers and their families.
The seed fund will allow the award-winning startup to scale its operations with plans to expand into a combined 20 states in Nigeria, work with 4,000 additional small-scale farmers and engage a combined 20,000 new farm followers and farm sponsors on its platform to learn about the opportunities in Agriculture and partner with farmers.
Onyeka Akumah, Co-Founder and CEO of Farmcrowdy says:
“Today’s seed announcement is a remarkable milestone for us and Nigeria’s Agritech industry as a whole – especially having just celebrated the anniversary of our first year of operations in November 2017. It will allow us to build on our earlier traction as we continue to introduce Nigerians to this exciting new category of partnering with farmers for impact and return. We are happy to amplify our work with the farmers across new states in Nigeria while empowering local farmers by hiring more agriculture technology experts to impart knowledge to ensure best practice in farming methods. We’re thrilled that as a Nigerian startup operating for just over a year, we have a group of investors who share in the vision and mission of Farmcrowdy as much as we do.”
According to Cody Simms, Partner, Techstars Ventures,
“Onyeka Akumah and the Farmcrowdy team are changing the global dynamics of farming and agriculture. Techstars is proud and honoured to be a continued part of the Farmcrowdy journey via investment from Techstars Ventures, the venture capital arm of Techstars. We first met the Farmcrowdy team at Techstars Atlanta in partnership with Cox Enterprises and were immediately impressed by their vision, execution, and the vast scope of their potential impact to the world”.
Cox Enterprises Senior Vice President of Corporate Strategy and Investments Duncan O’Brien adds, “From the moment we encountered Farmcrowdy, we were very impressed with the work that the startup is doing to empower Nigeria’s farmers. As our planet faces drastic population growth and manages scarce resources, investing in sustainable agriculture is a venture that will reap long-term benefits for us all.”