- Winich Farms, a Nigerian agritech startup, secured $3 million in pre-series A funding to enhance technology and operations, with $2.5 million in equity and $590,000 in debt.
- The startup has grown its ecosystem to over 150,000 users and increased its gross merchandise volume by 300%, from $10 million in 2022 to $30 million in 2023.
- Winich Farms helps farmers sell produce directly through inventory management, bypassing middlemen, and offers fast payments with geo-zone technology for efficient deliveries.
- The company also supports small-scale farmers by building creditworthiness and launched a debit card in collaboration with Sterling Bank to enhance financial access.
Winich Farms, a Nigerian agritech startup dedicated to optimising agricultural processes, has announced securing $3 million in its latest pre-series A funding round.
The funds, a mix of $2.5 million in equity from investors such as Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, Marula Square, Plug and Play, and Tekidia Capital, alongside $590,000 in debt from Sahel Capital, aim to bolster the company’s technology and operational efficiency.
Since its launch in 2020, Winich Farms has built a robust ecosystem of over 150,000 users, including farmers and collection point agents. The company’s gross merchandise volume (GMV) has seen a 300% increase, rising from $10 million in 2022 to $30 million by the end of 2023.
Winich Farms empowers farmers by offering an inventory management feature that allows them to sell produce directly, bypassing middlemen.
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The platform also enables off-takers to manage stock remotely, streamlining the trade process. Farmers can deliver their produce to the nearest collection point and receive payment within 48 hours, while geo-zone technology ensures efficient deliveries.
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Additionally, Winich Farms supports small-scale farmers in building creditworthiness by tracking earnings and linking them to financial institutions. The company recently launched a farmers’ debit card, in partnership with Sterling Bank, allowing users to save and access their funds easily.
Co-founder and CEO, Richies Attai, emphasized that Winich Farms aims to uplift the lives of farmers and retailers, not just chase profit. “This funding is strategic towards enhancing our technology and expanding access to financially inclusive services like credit and insurance, boosting productivity,” Attai said.
Investors, including partners from Climate Resilient Africa Fund and Acumen Resilient Agriculture Fund, praised Winich’s tech-driven model, recognizing its potential to address challenges faced by smallholder farmers and improve the agriculture sector’s efficiency.
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