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    HomeEcosystem NewsLatest FundingSahel Capital Injects $590K into Nigerian Ag-tech Firm, Winich Farm

    Sahel Capital Injects $590K into Nigerian Ag-tech Firm, Winich Farm

    Ecosystem NewsLatest FundingWESTERN AFRICA

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    By Staff Writer
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    Sahel Capital, a key player in sub-Saharan Africa’s food and agriculture sector, has greenlit a substantial $590,000 term loan to Winich Farm Limited, an innovative Nigerian ag-tech firm. The investment, sanctioned through Sahel Capital’s Social Enterprise Fund for Agriculture in Africa (SEFAA), marks a significant step in fostering economic growth among smallholder farmers (SHFs) in the region.

    Launched in 2021 with KfW as its cornerstone investor, SEFAA aims to empower social enterprises engaged in agricultural activities. Winich Farm Limited, renowned for its commitment to financial inclusion for SHFs, operates by directly linking farmers’ produce to the marketplace, thereby circumventing the lengthy chain of intermediaries that often diminish SHFs’ profits.

    “Winich’s capacity to engage directly with SHFs via its agent network, coupled with its commitment to fair pricing, renders this investment incredibly promising,” remarked Deji Adebusoye, a Partner at Sahel Capital. “Our injection of capital will enable Winich to establish fulfillment centers closer to SHFs, enhancing sourcing efficiency, and bolster logistics capabilities for seamless product movement to processors and markets.”

    Winich Farm Limited, led by CEO and Co-Founder Riches Attai, boasts an impressive track record, having onboarded over 80,000 users across 14 Nigerian states since its inception. The firm’s mission extends beyond profit, aiming to address fundamental challenges faced by SHFs while simultaneously catering to the needs of SME processors.

    “As we expand our footprint across Nigeria, Winich Farm Limited seeks to address dual challenges,” explained Riches Attai. “Firstly, we aim to provide fair market access to thousands of SHFs, empowering them to boost their incomes and enhance their livelihoods. Secondly, we aim to alleviate sourcing constraints for numerous SME processors, ensuring a steady and reliable supply of various farm produce.”

    Sahel Capital, which currently manages two funds — the Fund for Agricultural Finance in Nigeria (FAFIN) and SEFAA — is actively seeking to broaden its impact across West Africa. The firm’s commitment to supporting agribusiness SMEs underscores its dedication to driving sustainable economic growth in the region.

    The injection of capital into Winich Farm Limited not only underscores Sahel Capital’s confidence in the firm’s potential but also signifies a significant stride towards fostering inclusive growth and sustainability within Africa’s agricultural landscape. With Sahel Capital’s backing, Winich Farm Limited is poised to scale its operations, further empowering SHFs and bolstering the agricultural ecosystem across Nigeria.

    Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

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