Series A funding of $17.5 million was raised by Agricorp International, a Nigerian spice manufacturing, processing, and exporting company, to expand its processing capacity to 7000 metric tonnes.
This fund was raised through a partnership between Vami Nigeria, One Capital LLC, and AFEX. Vami, a Nigerian corporation, led the funding round with $11.5 million in stock, with the remaining investors providing working capital financing for the company. Accounting and transaction advisory services were provided by Ernst & Young (Nigeria), while legal advice was provided by Elisio Law Office and Pavestone Legal.
“We believe that by increasing our capacity to 7,000MT, we will maximize the potentials to boost Nigeria’s forex earnings through export, contribute our quota to improving the Nigerian GDP from agriculture, and serve as a worthy model to African youths who aspire to be agribusiness owners,” said Kenneth Obiajulu, Agricorp’s CEO. We want to demonstrate to them that it is both achievable and extremely rewarding”.
Lead investors, Vami Nigeria, stated that they led the round because they observed a clear growth path, significant social impact, an excellent financial trajectory, and worldwide cooperation with key partners. Most significantly, the team’s depth of knowledge, passion, and tenacity are unrivaled in the industry.
“Our other businesses have dealt with Agricorp on a number of occasions and have witnessed the company’s growth over time,” said Samirah Ade-Adebiyi, Managing Director of AFEX. We are now committed to providing them with the working capital they require in order to develop their operations to any degree they desire.”
For Nigeria to be placed on the global export radar, it will be necessary to take a risky strategy, leveraging investments to construct simple processing systems for spices and other agricultural products. As a forward-thinking organization, Agricorp aspires to be at the forefront of efforts to improve global food systems.
Agricorp, which was established in 2018 by Kenneth Obiajulu and Wale Omotimirin, is helping in addressing the increased demand for spices as an export commodity globally.
Read more on Tech Gist Africa:
South African agritech startup Khula secures $1.3 million in funding to scale its operations
Green Gold Farms, a Ghana-based agribusiness startup, has raised $1.6 million in funding