Winich Farms Secures $3 Million in Pre-Series A Funding to Revolutionize Nigeria’s Agricultural Supply Chain
Nigerian Agtech startup, Winich Farms, has raised $3 million in a pre-series A funding round to enhance its technology and streamline operations. The funding includes $2.5 million in equity from investors such as Acumen Resilient Agriculture Fund (ARAF), Climate Resilient Africa Fund, Marula Square, Plug and Play, and Tekedia Capital. Lagos-based Sahel Capital contributed $590,000 in debt funding.
Launched in 2020, Winich Farms has grown its ecosystem to over 150,000 users, including farmers, off-takers, logistics partners, and collection point agents. The startup’s innovative platform provides off-takers with tools for managing raw materials from farmers across 30 of Nigeria’s 36 states. Additionally, it helps smallholder farmers build creditworthiness by tracking their earnings and connecting them to financial institutions.
In collaboration with Sterling Bank, Winich Farms recently launched a debit card, allowing farmers to securely save and access their funds. The company’s Gross Merchandise Value (GMV) has surged by 300%, from $10 million in 2022 to $30 million in 2023, and it has expanded operations into Tanzania to support local supply chains and exports to the Middle East and Europe.
Richies Attai, CEO and co-founder of Winich Farms, stated, “This funding will enhance our technology infrastructure, making it more user-friendly and data-driven, while providing farmers with access to credit and insurance to boost productivity.” Tamer El-Raghy, Managing Director of ARAF, highlighted that the investment aligns with ARAF’s mission to support smallholder farmers in increasing productivity, fostering sustainable agricultural development, and improving livelihoods across Africa.
