This Nigerian Agrotech has just raised $790,000 in seed funding round
A $790,000 seed
fundraising round from Founders Factory Africa and other angel investor
organizations has been finalized by Winich Farms, a top producer of food
solutions and a supplier of inventories. The money will be used to develop
long-lasting solutions for the agro utility sector.
Winich Farms is an
agritech group that is revolutionizing the farm-to-retail sector by
employing technology to eliminate intermediaries and enhance
the distribution and sales of agricultural products. Winich Farms
facilitates the purchasing and selling processes between farmers and small
merchants and manufacturers. Transactions and payments between sellers and
buyers are also settled within 24 hours.
Farmers regain their
profit when unnecessary middlemen are reduced, and small- to medium-sized
businesses, as well as manufacturers, can operate more effectively with readily
available goods.
In
Nigeria, middlemen are frequently used to transport farm produce from
the local farmers to merchants. These middlemen create
more expenses food producers and sellers. Those farmers who
don't have a direct connection to the manufacturers, sometimes struggle with
poor product storage and inconsistent supply line. Due to the current ineffective
supply chain, food is more expensive overall and harder to get.
Agritech businesses
have emerged to address these issues with food distribution; to date, they have
raised $115.4 million in funding and offered digital solutions to issues with
finances and other aspects of agriculture.
The food situation in
the country is at its worst since it closed its borders in 2019 to
stop the importation of some food and other items and to improve border
security. The expenditure on imports rose by 62 percent as a result of this
border closure, according to Techcabal.
Winich farms is
committed to resolving the distribution network issue and is at the frontline
of ensuring food security in Africa with over 29,000 active food farmers linked
to the network and a supply chain capable of moving 127 tonnes of product from
farms to companies everyday. Winich Farms offers cost-effective sustainable
agricultural solutions by cutting down on food waste and enhancing food quality
and distribution effectiveness in Nigeria.
Since its founding in
2019, Winich Farms aims to create the biggest and most effective
farm produce distribution network platform across Africa. Riches
Attai, co-founder and CEO of the company, stated that the
platform plans to harness its capabilities and resources to
develop new product categories and client groups while solving complicated
supply chain issues with simple solutions.
The mobile app, which
was released in June, is one way they're producing solutions. The
farm hopes to increase productivity and convenience for farmers and
manufacturers in the food production and distribution sector through its
mobile app. This way, all parties involved in the distribution process can
maintain live, traceable contact with themselves in addition to direct
communication.
Traceability was the
first difficulty in running Winich Farms. It previously used WhatsApp live
location to address the issue. All through the delivery, drivers used the
platform to communicate their live location with suppliers. This
tracking feature will now be implemented into the platform immediately with the
introduction of the mobile app.
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