The raise also included a co-investment grant of $1.75 million from the USAID-funded West Africa Trade and Investment.
This latest funding follows $9 million the company raised in 2020. Over the past 12 months, ThriveAgric’s revenue has increased five-fold, with a year-on-year increase of 277 per cent in farmer numbers. The new investment will enable the company to grow its over 200,000 farmer base, and expand into new African markets, including Ghana, Zambia and Kenya.
Commenting on the impact the funds will have, chief executive officer, ThriveAgric, Uka Eje, said: the new investment takes the company one step closer to fulfilling its mission of building the largest network of profitable African farmers using technology to ensure food security.“We look ahead with renewed confidence knowing that our smallholder farmers will benefit financially even more from this new investment.
“Despite a volatile backdrop over the past few years, brought about by the global pandemic, ThriveAgric witnessed temporary payment disruptions to our retail crowdfunders. “However, we were able to overcome those challenges within a year and maintained company profitability. Our solid financial performance underscores investors’ faith in ThriveAgric,” Eje said.
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