Winich Farms, a Nigerian Agtech startup dedicated to streamlining the supply chain for farm produce, has successfully raised $3 million in pre-series A funding to enhance its technology and optimize operations. This funding round consists of $2.5 million in equity and $590,000 in debt.
The equity funding includes contributions from various investors, such as the Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, Marula Square, Plug and Play, and Tekedia Capital, while Lagos-based Sahel Capital provided the $590,000 in debt financing.
Since its launch in 2020, Winich Farms has cultivated an ecosystem of over 150,000 users, including farmers, off-takers (small businesses and factories), logistics partners, and collection agents. The company offers off-takers inventory management tools to streamline ordering and managing raw materials sourced from farmers across Nigeria. This connectivity is facilitated through thousands of collection points established by Winich Farms across 30 of Nigeria’s 36 states.
Additionally, Winich Farms aids smallholder farmers, who often lack direct access to financial systems, by tracking their earnings and building their creditworthiness, connecting them with financial institution partners. The company recently launched a debit card in partnership with Sterling Bank, allowing farmers to securely save their funds and access them when needed.
The startup’s gross merchandise value (GMV) surged 300%, increasing from $10 million in 2022 to $30 million by the end of the 2023 financial year. Last month, Winich Farms expanded its operations into Tanzania, aiming to enhance not only local supply chains but also facilitate exports to the Middle East and Europe.
Richies Attai, CEO and co-founder of Winich Farms, emphasized that the startup is committed to improving the lives of smallholder farmers, informal processors, and retailers. He stated, “This funding is strategic towards further enhancing our technology infrastructure, making it more user-friendly, while advancing our data-driven approach in enhancing farmers’ access to financially inclusive services like credit and insurance to increase productivity.”
Tamer El-Raghy, Managing Director of Acumen Resilient Agriculture Fund, highlighted that investing in Winich aligns with ARAF’s mission to grow local businesses that support smallholder farmers, thereby promoting productivity, sustainable agricultural development, improved livelihoods, and increased food security.
Winich Farms’ technology addresses the numerous challenges smallholder farmers face along the value chain, enhancing their productivity and access to markets, which ultimately boosts their income potential and growth. By connecting rural farmers directly to buyers and financial products, Winich Farms is poised to significantly increase production capacity and drive sustainable agricultural development in Nigeria and beyond.
