Winich Farms, a Nigerian Ag-tech start-up that streamlines the supply chain for agriculture produce into efficient movements, has raised $3 million in pre-series A funding. The capital will be used to boost the company’s technology and optimize the business. The round amounts to $2.5 million equity and $590,000 debt.
The equity investment of $2.5 million was contributed by a syndicate consisting of Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, Marula Square, Plug and Play, and Tekedia Capital.
Since its inception in 2020, Winich Farms has grown an ecosystem that reaches over 150,000 users, from its farmers to small business users, logistics partners, and collection agents. The startup provides off-taker with inventory management tools that enable them to manage and order raw materials sourced from hundreds of thousands of farmers across Nigeria’s breadth through the formation of thousands of collection points in 30 out of the 36 states of Nigeria.
Winich Farms supports smallholder farmers through building creditworthiness for them by tracking and ranking their earnings. The company partnered with Sterling Bank to launch the debit card just recently-an activity that has eased savings for smallholder farmers and saved them for safekeeping from easy access.
The company boasts impressive gross merchandise value: from $10 million at the beginning of financial year 2022 to $30 million at the end of financial year 2023. In March, Winich Farms entered the Tanzanian market, set to bolster supply chains on the ground and eventually seek exports to the Middle East and Europe.
In his words, Richies Attai, CEO and co-founder, stresses that Winich Farms is committed to the enhancement of the lives of smallholder farmers and informal processors. He further commented, “This funding will advance our technology infrastructure, making it more user-friendly, while evolving our data-driven approach to increase access to financial services.”
Tamer El-Raghy, MD of Acumen Resilient Agriculture Fund said: “Investing in Winich further rejuvenates the company’s mission of providing financial support to small-holder farmers towards sustainable agricultural development and food security promotion.”
