ThriveAgric raises $56.4m for African expansion
By Jeph Ajobaju, Chief Copy Editor
ThriveAgric based in Lagos has raised $56.4 million to grow its farmer base and expand into new markets in Africa, including Ghana, Zambia, and Kenya.
The money – which comes after $9 million raised in 2020 – is debt funding from local banks and institutional investors, and includes a co-investment grant of $1.75 million from West Africa Trade & Investment funded by USAID.
The startup also announced on Twitter that it has signed a Memorandum of Understand (MoU) on agricultural commodities supply and storage facilities with the Nigerian Commodity Exchange (NCX).
The development came after the re-constitution of its board and executive management in January.
ThriveAgric aims to build an Africa that feeds its and the world, and believes that partnership with the NCX will facilitate this as the NCX is poised to become a world-class trading company in African and global commodity markets.
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One step closer to mission
ThriveAgricChief Executive OfficerUka Eje said the new investment takes the company one step closer to fulfilling its mission of building the largest network of profitable African farmers using technology to ensure food security.
“We look ahead with renewed confidence knowing that our smallholder farmers will benefit financially even more from this new investment,” he enthused, per Nairametrics.
“Despite a volatile backdrop over the past few years, brought about by the global pandemic, ThriveAgric witnessed [only] temporary payment disruptions to our retail crowdfunders.
“We overcame those challenges within a year and maintained company profitability. Our solid financial performance underscores investors’ faith in ThriveAgric.
“It is great to see that the market has overwhelmingly backed our farmers, and they are confident in the strategic decisions we have taken.
“ThriveAgric has increased its footprint to 20 states in Nigeria, and we look forward to a lengthy period of growth as we continue to link African farmers to capital, data-driven best practices, and access to local and global markets for their commodities.”
