Introduction
Winich Farms, a leading Nigerian Agtech startup, has raised $3 million in a pre-Series A funding round aimed at advancing its technology and optimizing operations. The startup, which is revolutionizing the agricultural supply chain, received a combination of equity and debt funding to fuel its growth.
Strategic Investment to Enhance Technology and Scale Operations
The funding round was a mix of equity ($2.5 million) and debt ($590,000). Key investors included Acumen Resilient Agriculture Fund (an impact-focused VC fund targeting East and West Africa), Climate Resilient Africa Fund, Marula Square, Plug and Play, and Tekedia Capital. Lagos-based Sahel Capital contributed the debt funding component.
Richies Attai, CEO and co-founder of Winich Farms, emphasized the strategic importance of the funding in expanding the company’s technology and operations. “This investment will allow us to improve our technology infrastructure, making it more user-friendly while advancing our data-driven approach to help farmers access financially inclusive services like credit and insurance. Ultimately, this will boost productivity and support our expansion efforts,” Attai explained.
A Vision Born from University Challenges
Founded in 2020, Winich Farms was born out of Attai’s desire to solve a pressing issue faced by smallholder farmers: limited access to profitable markets. While at the University of Benin, Attai personally experienced the struggle of securing a stable supply of beans—a widely consumed food item. Despite Nigeria being the world’s largest producer of beans at the time, local access was difficult, and the risk of infestation was high.
“The problem didn’t make sense. How could beans be cheaper and more available in other countries when Nigeria was the largest producer?” Attai reflected. This question prompted him and his co-founders to dive deep into the agricultural value chain, uncovering three primary issues: a lengthy chain of middlemen, high borrowing costs from microfinance and traditional banks, and expensive distribution methods.
Tackling the Core Issues in Nigeria's Agricultural Supply Chain
Historically, Nigerian farmers faced significant challenges in selling their produce, often relying on market days that occurred every few weeks. Desperate to sell, they frequently fell victim to middlemen who offered unfavorable prices. Winich Farms has transformed this system, allowing farmers to sell whenever they choose by dropping their produce at the nearest collection point and receiving payment within 48 hours.
The company has also streamlined the supply chain for off-takers by providing inventory management tools that enable them to order and manage raw materials from farmers across Nigeria. This is made possible through Winich Farms' extensive network of collection points spread across 30 of Nigeria’s 36 states.
Optimized Delivery Through Geo-Zone Technology
Winich Farms uses geo-zone technology to fulfill orders from the closest collection points, reducing delivery times and improving efficiency. For example, buyers in Lagos can receive their produce from nearby Ogun or Osun states, cutting down delivery time and operational costs.
Investor Confidence in Winich Farms' Vision
Tamer El-Raghy, Managing Director of Acumen Resilient Agriculture Fund (ARAF), expressed excitement about the partnership with Winich Farms. “We are thrilled to support Winich Farms because their solution addresses a critical challenge that smallholder farmers face in Nigeria: access to efficient markets. This aligns with ARAF’s mission to grow local businesses that support sustainable agricultural development, enhance farmer productivity, and improve food security,” he said.
Looking Forward: Scaling for Impact
With its new funding, Winich Farms is positioned to accelerate its growth and expand its impact on Nigeria’s agricultural sector. By enhancing technology, improving market access, and cutting down inefficiencies in the supply chain, the company is set to further empower smallholder farmers, driving economic growth and promoting food security across the country.
