Nigerian agric tech platform Farmcrowdy, this morning announced it has raised an additional seed funding of $1 million from Cox Enterprises, Techstars, and Ajayi Solutions.
Farmcrowdy also announced it is preparing for a Series A fundraise later in 2019.
In a statement made available to TechCity, Farmcrowdy said it will use the investment to continue building their award-winning model, whilst expanding across Nigeria to cover 50% of all 36 states in the country over the next 12 months.
It also announced the launch of the Farmcrowdy Group, which will support the startup’s mandate of building agritech solutions that enable the achievement of food security on the continent of Africa.
Onyeka Akumah, Founder and CEO of Farmcrowdy said: “We are delving into the possibility of utilising drone services for field analysis, improving our farmers yield with additional research and 3D mapping, as well as entering into formidable strategic partnerships that will grow the impact of our work.”
Cody Simms, a Partner at Techstars who did a follow-on investment in this round of funding after their previous investment, said, “Techstars has been deeply impressed by Farmcrowdy’s mission to end poverty in Africa one farmer at a time since we first invested in the company in 2017 as part of Techstars Atlanta in partnership with Cox Enterprises. We are excited about the continued growth of the Farmcrowdy platform and thrilled to continue our support of the business with the most recent financing.”
