Nigeria’s agri-tech startup ThriveAgric raises $56.4m debt funding to accelerate African expansion
Summary
Nigeria’s agri-tech startup ThriveAgric has raised $56.4M in debt funding from local commercial banks and institutional investors to grow its 200,000+ farmer base, and expand into new African markets. Harvests, including maize, rice and soybeans, are stored in many of the company’s 450+ warehouses in Bauchi, Jigawa, Kaduna, Kano and Katsina states in Nigeria, before being commoditized and offered to local and global trade markets at a premium price. ThriveAgric has increased its footprint to 20 states in Nigeria, and we look forward to a lengthy period of growth as we continue to link African farmers to capital, data driven best practices and access to local and global markets for their commodities.” he added. At the height of the global pandemic, business and supply disruptions prevented ThriveAgric from fulfilling obligations to its subscribers, leading to swift appointments of key personnel, including Olurotimi Arigbede, Chief Financial Officer and Michael Kadiri, Head of Risk Management and Compliance. Their financial backing is an essential step in fulfilling ThriveAgric’s vision to build an Africa that feeds herself and the world.” The firm plans to expand its operations to Ghana, Zambia and Kenya.