Nigerian agritech startup Winich Farms has raised $3 million in pre-Series A funding to advance its mission of empowering smallholder farmers and optimizing agricultural processes across the country. This capital injection will enhance the company’s technology and broaden its reach, enabling it to boost farmer earnings and improve the efficiency of Nigeria’s agricultural supply chain.
Empowering Farmers and Revolutionizing Market Access
Since its inception in 2020, Winich Farms has grown rapidly, becoming a key player in Nigeria’s agricultural ecosystem. The startup’s digital platform addresses a critical challenge for smallholder farmers: access to markets and fair pricing. Traditionally, farmers have been exploited by middlemen, who undercut their earnings by controlling access to buyers. Winich Farms disrupts this system by connecting farmers directly with off-takers, including factories and retailers, allowing farmers to keep more of their profits.
With over 150,000 users—ranging from farmers to collection point agents and off-takers—Winich Farms has created a dynamic ecosystem. The company’s gross merchandise value (GMV) surged by 300% from $10 million in 2022 to $30 million by the end of 2023, reflecting its growing impact.
Streamlined Inventory Management and Fairer Pricing
The platform’s inventory management system allows farmers to list and manage their produce efficiently, empowering them to negotiate better prices and access larger markets. Off-takers, in turn, benefit from a more streamlined supply chain, enabling them to source produce directly from farmers while managing their stock remotely. This direct connection cuts out intermediaries and ensures a fairer system for all stakeholders.
Strategic Investment from Leading Funds
Winich Farms’ $3 million funding round is a mix of debt and equity. The equity portion of $2.5 million came from leading investors such as Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, Marula Square, Plug and Play, and Tekedia Capital. In addition, Sahel Capital, a Lagos-based firm, provided $590,000 in debt funding.
This significant investment demonstrates growing confidence in Winich Farms’ potential to transform Nigeria’s agricultural sector.
Expansion Plans and Industry Recognition
With the new funding, Winich Farms is set to expand its operations, enhance its platform, and reach more farmers across Nigeria. The company plans to introduce new features to further streamline the supply chain and optimize the farmer-to-buyer connection. Additionally, Winich Farms will expand its team to support its growing operations and technological advancements.
In June 2024, the company showcased its innovative solutions at GITEX Africa 2024, further solidifying its position as a leader in agricultural innovation by focusing on traceability and supply chain efficiency.
Standing Out in the Competitive Agritech Space
Winich Farms faces competition from other agritech companies such as Farmcrowdy and Thrive Agric, but it differentiates itself by offering a farmer-centric approach. By focusing on direct connections between farmers and off-takers, Winich Farms ensures that the benefits of its platform are shared equitably among all participants in the supply chain.
With this latest investment, Winich Farms is well-positioned to continue driving sustainable growth and development in Nigeria’s agricultural sector, empowering farmers and improving the efficiency of the nation’s food supply chain.
Source: Innovation Village