In a landscape where agricultural efficiency is often bogged down by infrastructure challenges and outdated systems, Nigerian agritech startup Winich Farms is aiming to carve out a competitive edge. The company has raised $3 million in pre-Series A funding to expand its order fulfillment centers and enhance its technological capabilities. The funding round, led by Acumen Resilient Agriculture Fund (ARAF), with participation from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, and Tekedia Capital, comes at a time when the agritech sector in Africa is gaining traction as a key driver of economic growth.
This marks the second major funding round for Winich Farms, founded in 2020 by brothers Riches and Winner Attai and co-founder Chichebem Jibunoh. The startup helps smallholder farmers in rural Nigeria sell their produce to retailers and informal processors. Its operational model revolves around collection points managed by local agents, who process orders from off-takers — primarily retailers — and coordinate with nearby farmers to fulfill the orders.
When a retailer places an order through Winich Farms’ mobile app, local agents bid to fulfill the request by pooling produce from farmers in their vicinity. The company claims its system enables delivery within 24 to 72 hours, depending on the proximity of the farmers and collection points. For instance, if a retailer in Lagos orders 50 kilograms of rice, the order is processed by agents and farmers in nearby states, rather than relying on far-flung producers in northern regions, which would prolong delivery times.
“Our growth has come from increasing the number of agents on our platform. In 2022, we had about 1,000 agents. But by early 2024, we had over 4,000 agents, quadrupling our growth. With more agents, we meet demand faster,” said CEO and co-founder Riches Attai.
The company claims it processes orders worth ₦3.7 billion ($2.2 million) monthly and has grown its gross merchandise value (GMV) by 300% to $30 million since 2022. However, the current model presents limitations, as most farmer-partners are based in Nigeria’s northern regions, which complicates logistics and slows down deliveries to more distant states like Lagos.
To address this, Winich Farms plans to establish regional fulfillment centers across Nigeria’s six geopolitical zones. These centers, funded by the debt portion of the round — $590,000 from Sahel Capital — will act as distribution hubs, reducing delivery times and improving the company’s ability to scale geographically.
The agritech startup also facilitates access to credit for farmers who have completed at least three supply cycles. By connecting farmers to financial institutions, Winich Farms helps them secure financing for future production. Through a partnership with Sterling Bank, the company has also begun issuing Verve cards to rural, underbanked farmers, allowing them to receive payments directly into their bank accounts. The plan is to distribute 195,000 cards in the coming months, expanding access to financial services for smallholder farmers.
As part of its growth strategy, Winich Farms will use the equity funding to further develop its technology platform, aiming to enhance the efficiency of its marketplace and payment systems. With competition from other agritech players like ThriveAgric, AgroMall, and Zowasel, improving its technology infrastructure will be crucial for Winich Farms to maintain its foothold in the growing African agritech market.
“Investing in Winich Farms aligns with our goal at ARAF of growing local businesses that support smallholder farmers toward increased productivity, sustainable agricultural development, better livelihoods, and improved food security,” said Tamer El-Raghy, managing director of ARAF.
While the infusion of capital will no doubt help Winich Farms accelerate its expansion plans, the broader question of how agritech companies can navigate the logistical and financial challenges of Nigeria’s fragmented supply chains remains. The government, naturally, has expressed interest in supporting innovations that address food security. However, whether that interest translates into tangible policy support or remains stuck in the usual bureaucratic quagmire is anyone’s guess.
For now, the responsibility for scaling and modernizing Nigeria’s agricultural sector appears to rest with companies like Winich Farms. Meanwhile, the country’s taxpayers — often left to foot the bill for grand agricultural initiatives that don’t always bear fruit — will be watching closely.