Tech Startup Farmcrowdy secures $1 million in funding

Farmcrowdy is an agricultural tech platform that gives Nigerians the opportunity to participate in Agriculture by selecting the kind of farms they want to sponsor. They use the sponsor’s funds to secure the land, engage the farmer, plant the seeds, insure the farmers and farm produce, complete the full farming cycle, sell the harvest and then pay the farm sponsor a return on their sponsorship. While this farm process is ongoing, the farm sponsors can keep track of the full-cycle by getting updates in text, pictures and videos.

We are Nigeria’s 1st Digital Agriculture Platform focused on connecting farm sponsors with real farmers to increase food production and impacting on the lives of over 2,000 small-scale farmers already over the last 10 months, Farmcrowdy has created and is leading a new category of online platforms that are focused on increasing food production, impacting on 50,000 small-scale farmers in Nigeria in the next 5 years and engaging 2 million Nigerian youths to participate in Agriculture.

Farmcrowdy, connects small scale farmers with sponsors, who invest in farm cycles. This cycles for poultry can be 3-5 months while cassava can be up to 9 months. The farmers will receive advice from the technical field specialists who also provides training on agriculture practices. Prior to harvest, Farmcrowdy works with pre-arranged buyers who assist the farmers sell their yield at harvest and earn a decent margin. The sponsor then gets their original sponsorship 40% of the profit from the harvest, the farmer receives 40% of the profit and Farmcrowdy receives 20% of the profit. Farm sponsors can get between 6-25% returns after harvest depending on the farm type they sponsor.

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.

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Onyeka Akumah, Co-Founder and CEO of Farmcrowdy says “We have launched our mobile app which has over 10k downloads to provide an accessible, real time platform for people on the go, who do not want to miss out on empowering their own communities. In the past month alone, we have witnessed over 500 farm units of poultry, 25,000 chicks and sold out in a few hours to engage farmers who would have found it difficult accessing loans in the banks. People are equally excited about creating impact in the lives of our farmers while earning a decent return. Nigeria is a mobile-first society and we had feedback from our sponsors who said they wanted improved access to our farms.

The seed fund will allow the 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 it’s platform to learn about the opportunities in Agriculture and partner with farmers.

The seed announcement is a remarkable milestone for us and Nigeria’s Agritech industry especially having just celebrated our one year anniversary. 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.”

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Isaac Newton

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