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Nigerian Startup Raises $56 Million in Debt to Support Farming
The funding will help the company grow its base of more than 200,000 farmers, according to a statement on Tuesday. The funding follows a $9 million equity raise in 2020.
While smallholders dominate farming across Africa, they are faced with significant barriers including a lack of access to finance and advice. Thriveagric aims to fill that gap and help them produce “high-quality” grains including maize, rice and soybeans.
The foodstuffs are then stored in the company’s warehouses before being offered on local and international markets at a premium price.
The funding takes Thriveagric closer to its vision of building the largest network of profitable African farmers using technology, said Chief Executive Officer Uka Eje. “We look ahead with renewed confidence knowing that our smallholder farmers will benefit financially even more from this new investment,” he said.
Source: Bloomberg Business News