Nigerian Winich Farms Grows with $3M Pre-Series A Funding for Expansion

Nigerian agritech startup Winich Farms has secured $3 million in pre-series A funding to scale its order fulfillment operations and enhance its technology platform. This marks the second round of funding for the company in just two years.

The funding round was led by Acumen Resilient Agriculture Fund (ARAF), contributing $2.5 million, alongside investments from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, Acasia Ventures, and Tekedia Capital. An additional $590,000 in debt was provided by Sahel Capital.

Founded in 2020 by brothers Riches and Winner Attai, along with Chichebem Jibunoh, Winich Farms connects rural farmers with retailers and informal processors. The company's collection points, managed by agents, facilitate the processing of retailer orders.

When a retailer places an order, agents coordinate with local farmers to deliver produce to collection points, ensuring swift delivery within 24 to 72 hours. The company negotiates fair prices with farmers, selling their products at a modest markup to buyers. For example, off-takers currently pay ₦720 ($0.43) per kilogram of paddy rice, excluding delivery fees.

Source: Emmanuel Nwosu / TechCabal