ThriveAgric Raises $56M in Debt Funding
ProsperAgrican Abuja, Nigeria-based agtech company raised $56.4m in debt funding.
Donors included local commercial banks and institutional investors. The increase also included a $1.75 million co-investment grant from West Africa Trade & Investment, funded by USAID.
The company intends to use the funds to grow its base of more than 200,000 farmers and expand into new African markets, including Ghana, Zambia and Kenya.
Founded in 2017 (and fully operational since 2018) and led by Managing Director Uka Eje, Technical Director Ayo Arikawe, Chief Financial Officer Olurotimi Arigbede and Head of Risk Management and Compliance Michael Kadiri, ThriveAgric empowers Nigerian farmers to sell their products to FMCGs and food products. processors, leveraging its proprietary technology to access finance as well as improve productivity and sales to promote food security. The technology, a Farm Operating System (AOS), works entirely offline, sends USSD to farmers and powers Android apps used by field agents to help digitally round up creditworthy farmers and collect relevant farm data. . The company supports Africa’s agricultural sector by helping smallholder farmers produce high-quality grain. Crops, including maize, rice and soybeans, are stored in many of the company’s more than 450 warehouses in Bauchi, Jigawa, Kaduna, Kano and Katsina states in Nigeria, before being unmarked and offered to local and global commercial markets at a premium price.
This latest funding follows $9 million the company raised in 2020. Over the past 12 months, ThriveAgric’s revenue has increased fivefold, with a 277% year-over-year increase in the number of farmers.
Founded in 2017 (and fully operational since 2018), ThriveAgric seeks to ensure global food security, by enabling the African agricultural sector; especially its smallholder farmers to profitably and sustainably produce high-quality cereals.
ThriveAgric’s Farm Operating System (AOS) can be used by field agents and farmers to provide finance and enable sales for their crop, while digitizing produce. It works completely offline, captures farmer onboarding and credit scoring, and ultimately connects farmers to capital, data-driven best practices, and access to local and global markets.
1,205,000 farmers in 2021 accessed ThriveAgric’s AOS (farming system) product, up from 53,000 in 2020.2 Produced and marketed up to 6% of Nigeria’s total maize demand.