Farmcrowdy is Nigeria’s first and leading digital agriculture platform which allows Nigerians to venture in and sponsor agriculture.
Launched in late 2016, the new agrictech startup says it has closed-in on seed funding of $1 million from international and local investors including Cox Enterprises, Techstars Ventures, Social Capital, Hallett Capital and Right-Side Capital; as well as angel investors Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV and Dr. Christof Walter.
Co-founder and serial entrepreneur, Onyeka Akumah, Farmcrowdy connects small-scale farmers with sponsors, who invest in farm cycles – ranging from poultry [3-5 months] to cassava [9 months]. Intending of active farmers receive first-hand advice from the company’s Technical Field Specialists who would give them training in better agriculture practices and provide them with quality farm input.
The company boast of more than 1,000 unique farm sponsors in Nigeria, the US and UK, as well as a combined 4,000 acres of farmland across 8 states in Nigeria and worked with more than 2,000 small-scale farmers. They also claimed to have raised over raised over 250,000 organic chickens on its poultry farm cycles.
Speaking on the company’s progress on Mr. Akumah, who is the CEO of Farmcrowdy said
“Today’s seed announcement is a remarkable milestone for us and Nigeria’s Agritech industry as a whole – especially having just celebrated the anniversary of our first year of operations in November 2017″.
“It will allow us to build on our earlier traction as we continue to introduce Nigerians to this exciting new category of partnering with farmers for impact and return. We are happy to amplify our work with the farmers across new states in Nigeria while empowering local farmers by hiring more agriculture technology experts to impart knowledge to ensure best practice in farming methods.
How Farmcrowdy works
Prior to harvest, Farmcrowdy works with pre-arranged buyers who assist the farmers sell their yield at harvest and earn a decent margin.
The sponsor then gets their original sponsorship +40% of the profit from the harvest, the farmer receives 40% of the profit and Farmcrowdy receives 20% of the profit. Farm sponsors can get between 6-25% returns after harvest depending on the farm type they sponsor.
The seed fund will allow the startup to scale its operations with plans to expand into a combined 20 states in Nigeria, work with 4,000 additional small-scale farmers and engage a combined 20,000 new farm followers and farm sponsors on its platform to learn about the opportunities in Agriculture and partner with farmers.
Apart from the website, Farmcrowdy has a mobile app that enables users to experience, learn and conduct their farming business with real farmers with first-hand agricultural practice through regular updates, images and videos from the farms.
Through the same app, Farm sponsors and farm followers can digitally track the progress of their sponsored farms from their mobile devices.
Steps to Join Farmcrowdy
1. Select to either as a farm sponsor or farm follower
Create your Farm Sponsor profile and Visit the Farmshop.
2. Put your money on a farm of interest.
Go through the profile of the farms and pick any of interest. Farm types include Cassava Farms, Maize Farms, Tomato Farms, Chicken Farms
All farms have different tenure/contract period and varying ROI from 13-25%
3. Learn about the metrics of
Get updates through video/pictures/timeline on what happens in the farm
Learn what it takes to farm in your selected farms.
Watch your farmer grow the farm and engage him/her at will.
4. Get High Yield ROI up to 25%
At harvest, the farm produce are sold to the consumer market.
Profit is then split between the Farmers, Farm Sponsors & Farmcrowdy